Refer to the North Valley Real Estate data, which reports information on homes sold in the area
Question:
Refer to the North Valley Real Estate data, which reports information on homes sold in the area during the last year. Select a random sample of twenty homes.
a. Suppose that North Valley Real Estate employs several agents. Each agent will be randomly assigned twenty homes to sell. The agents are highly motivated to sell homes based on the commissions they earn. They are also concerned about the twenty homes they are assigned to sell. Using the confidence intervals you created, write a general memo informing the agents about the characteristics of the homes they may be assigned to sell.
b. What would you do if your confidence intervals did not include the mean of all 105 homes? How could this happen?
Step by Step Answer:
Statistical Techniques in Business and Economics
ISBN: 978-1259666360
17th edition
Authors: Douglas A. Lind, William G Marchal