Question
A random sample of 500 owners of single-family homes is drawn from the population of a...
A random sample of 500 owners of single-family homes is drawn from the population of a city. Let the random variable X denote the value of the house, in thousands of dollars. The following information is given to you:
n=500,
∑xi =107,226
∑ (xi − x )2 =1,398,308
a. Compute the sample mean and standard deviation of the value of the houses in this sample.
b. Construct a 95% confidence interval for the mean value of the houses in this city.
Homework Answers
Answer #1
(a)
The sample mean is
The sample standard deviation is
(b)
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