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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.


Math   Statistics-And-Probability   
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