Question:The housing market has recovered slowly from the economic
crisis of 2008. Recently, in one large...
Question
The housing market has recovered slowly from the economic
crisis of 2008. Recently, in one large...
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 from the peak in
2008 was $9,560 with a standard deviation of $1500.
What assumptions and conditions must be checked before finding
a confidence interval? How would you check them?
Find a 95% confidence interval for the mean loss in value per
home.
Interpret this interval and explain what 95% confidence means
in this context.