Question

A realtor has 20 residential listings under contract. The following table shows the number of days each of these 20 houses has been on the market as of today. Use the data to complete parts a through e below.

25
23
1
19
32
23
44
50
55
22
44
53
49
14
41
10
36
65
23
70

a. Calculate the mean for this population.
muequals
?(Type an integer or a? decimal.)

b. Calculate the sampling error using the first 5 homes in the first row as your sample.
The sampling error for the first 5 homes is
nothing.
?(Type an integer or a? decimal.)

c. Calculate the sampling error using all 10 homes in the first row as your sample.
The sampling error for the first 10 homes is
nothing.
?(Type an integer or a? decimal.)

d. How does increasing the sample size affect the sampling? error?
A.
In? general, increasing the sample size makes the sampling error smaller.
B.
In? general, increasing the sample size makes the sampling error larger.
C.
In? general, increasing the sample size has no effect on the sampling error.

e. Using a sample of size? 5, what is the largest sampling error that can be observed from this? population?
The largest sampling error for the given data using a sample of size 5 is

Answer 1

a. Calculate the mean for this population.
muequals
?(Type an integer or a? decimal.)

mu=sum of observaions /total observation

mu=699/20

mu=34.95

ANSWER:34.95

Soluionb:

x1	xbar	x-xbar	(x1-xbar)^2
25	20	5	25
23	20	3	9
1	20	-19	361
19	20	-1	1
32	20	12	144
		total	540
		se=sqrt(540/5-1)
		se=sqrt(540/4)

se=11.61895

standard error for first 5 homes=11.61895

x1	xbar	x-xbar	(x1-xbar)^2
25	29.4	-4.4	19.36
23	29.4	-6.4	40.96
1	29.4	-28.4	806.56
19	29.4	-10.4	108.16
32	29.4	2.6	6.76
23	29.4	-6.4	40.96
44	29.4	14.6	213.16
50	29.4	20.6	424.36
55	29.4	25.6	655.36
22	29.4	-7.4	54.76
		total	2370.4
		se=sqrt(2370.4/10-1)
		=sqrt(2370/9) standard error=16.22892

standard error for first 10 samples=16.22892

In? general, increasing the sample size makes the sampling error larger.