Question
Estimation & Confidence Interval 1. A sample of 1500 homes sold recently in a state gave...
Estimation & Confidence Interval
1. A sample of 1500 homes sold recently in a state gave the mean
price of homes equal to $287,350. The population standard deviation
of the prices of homes in this state is $53,850.
a. Calculate the margin error and construct a 90% confidence
interval for the mean price of all homes in this state.
b. Calculate the margin error and construct a 95% confidence
interval for the mean price of all homes in this state.
c. Calculate the margin error and construct a 99% confidence
interval for the mean price of all homes in this state.
2. The mean time taken to design a house plan by 25 architects was
found to be 23 hours with a sample standard deviation of 3.75
hours.
a. Calculate the margin error and construct a 90% confidence
interval for the mean price of all homes in this state.
b. Calculate the margin error and construct a 95% confidence
interval for the mean price of all homes in this state.
c. Calculate the margin error and construct a 99% confidence
interval for the mean price of all homes in this state.
Homework Answers
Answer #1
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