Confidence interval application

Assignment Help Basic Statistics
Reference no: EM13104688

The US Census Bureau announce that the median sales price of new houses sold in April 2009 was $221,600 while the mean sales price was $274,300. Assume that the standard deviation of the prices is $90,000.

a) If you select samples of n=2, describe the shape of the sample distribution of Xbar.

b) If you select samples of n=100, describe the shape of the sample distribution of Xbar.

c) If you select a random sample of n=100, what is the probability that the sample mean will be less than $300,000?

d) If you select a random sample of n=100, what is the probability that the sample mean will be between $275,000 and $ 290,000?

Reference no: EM13104688

Questions Cloud

Effective arguments and counterargument to support thesis : Where did you place the most effective arguments in the paper? Describe your reasoning. How did you explain counterarguments without weakening your own premise?
Describe the characteristics of firm with long cash cycle : What are some of the characteristics of a firm with a long cash cycle? Saunders Corp. has a book net worthof $13,205. Long-term debt is $8,200. Net working capital , other than cash, is $4,205. Fixed assets are$17,380.
Academic approach to confidence interval for mean : Find a point estimate of the population mean. Find the 95% confidence interval of the true mean. Assume the population standard deviation was 0.8.
Compare best plans in jc company and tucson park : Compare the best plans in the JC Company and the Tucson Parks and Recreation Department. What do they have in common?
Confidence interval application : The US Census Bureau announce that the median sales price of new houses sold in April 2009 was $221,600 while the mean sales price was $274,300. Assume that the standard deviation of the prices is $90,000.
How much time would it take : A person walks up a stalled 14 m long escalator in 81 s. When standing on the same escalator, now moving, the person is up in 48 s. How much time would it take that person to walk up the moving escalator?
Making confidence interval for population proportion : Construct a confidence interval for the population proportion p, given n = 182, x = 135; 95%. Suppose the random variable X has a normal distribution with mean 9.0 and variance 49. The probability that X takes on a value of at least 18 is approxim..
Describe differences of oral and written communication : What are the similarities and differences of oral and written communication? What kinds of situations call for the use of oral methods?
What was the initial speed : A ball is thrown horizontally from a height of 16.2 m and hits the ground with a speed that is three times its initial speed. What was the initial speed?

Reviews

Write a Review

Basic Statistics Questions & Answers

  Addressing business problem

Prepare a 10-13-question survey to gather primary data regarding your selected problem statement. Please note that you will not administer this survey as part of this assignment.

  What is the expected value of total profit

Suppose that Total Revenue = 200Q and Total Cost = 80 + 50Q where Q, the quantity sold, is a random variable with expected value 20 and variance 4.

  Stating slope of trend line

Below, explicitly state slope of your trend line and describe what value of slope signifies in terms of this context.

  What is the margin of error

If a 99% confidence interval is calculated to estimate the difference between the average hourly rates for each type of graduate, what is the margin of error? Assume both population standard deviations are equal.

  Comparing cusum chart using standardized values

Compare a tabular cum sum chart using standardized values h = 5 and k = 1/2. What is the information you learn.

  Statistical problem assistance

Professor Brunner had students in his Marketing class rate his performance as Excellent, Good, Fair, or Poor. A graduate student collected the ratings and assured the students that Professor Brunner would not receive them until after the course gr..

  Distributed with a population standard deviation

Suppose the weights of full boxes of a certain kind of cereal are normally distributed with a population standard deviation of 0.29 ounces.

  Types of graphs in math education

An important idea in data interpretation is choosing which graph to use under which circumstances. Describe the benefits of different graphs for different sets of data:

  Determining probability for normal random variable

To decrease the amount of time it takes to deliver packages, a delivery company purchased computer software that finds the optimal route for making deliveries based upon the input of the package destinations.

  Describing five step hypothesis testing procedure

At the 0.05 level of significance, can we conclude Middletown students remained in their districts less time than Brockton students?  Make use of 5-step hypothesis testing procedure.

  Computing expected price of common stock

You're considering an investment in the common stock of Crisp Cookware. The stock is expected to pay a dividend of $2 a share at the end of the year (D1 = $2.00). the stock has a beta equal to 0.9.

  Testing the new population having errors

This sample group has errors with a standard deviation of 54.7ft. At the 5% level of significance, test that the new population has errors with a standard deviation equal to 43.7ft.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd