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1. The housing market has recovered slowly from the economic crisis of 2008. Recently, in one...

1. The housing market has recovered slowly from the economic crisis of 2008. Recently, in one large community, realtors randomly sampled 36 bids from potential buyers to estimate the average loss in home value. The sample showed the average loss was $9560 with a standard deviation of $1500. (1) What assumptions and conditions must be checked before finding a confidence interval? i) Random samples: Realtors randomly sampled 36 bids from potential buyers to estimate the average loss in home value. ii) The sample data follows normal distribution. Draw histogram to check the normal assumption (2) Find a 90% confidence interval for the mean loss in value per home. (3) Explain what 90% confidence means.

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