Calculating a confidence interval for the proportion, Basic Statistics

Assignment Help:

To study what fraction of houses for sale in Victoria has a finished basement, a researcher selected a random sample of 20 houses that were on the market. It was found that 11 of the houses surveyed did in fact have a finished basement.

(a) Using the random sample collected by the researcher, calculate a 95% confidence interval for the proportion of houses for sale in Victoria that have a finished basement.

(b) After calculating a confidence interval for the proportion of houses for sale in

Victoria that have a finished basement, the researcher felt that the obtained confidence interval was probably too wide to be of any practical use to realtors or potential buyers. So the researcher would like to collect a larger sample of houses for sale in order to get a better estimate. The desired confidence interval is still a 95% confidence interval, and the researcher can make use of the estimate for p from the initial sample in order to decide on what sample size to use. What sample size should now be collected in order to estimate the true proportion of houses for sale in Victoria that have a finished basement to within 0.05?

 


Related Discussions:- Calculating a confidence interval for the proportion

Define brand loyalty and perception, Definition of brand loyalty is termed ...

Definition of brand loyalty is termed as the commitment towards a particular brand. Brand loyalty is the perception of a brand in consumer’s mind which is used as leads him/her to

Cost accounting, Job Order Gosting ln an attempt to conceal a thefi of fund...

Job Order Gosting ln an attempt to conceal a thefi of funds, Kaito Kid, controller of Shinichi Products, lnc. placed a bomb in the company s record vault. The ensuing explosion lef

Business tax accounting , 1. Passive losses are fully deductible as long as...

1. Passive losses are fully deductible as long as they do not exceed $50,000 during the year. A) True B) False 2. Wages are considered "active income." A) True B) False 3. A de

Determine probability of coding state at the last nucleotide, For the zero ...

For the zero order hidden Markov model defined in homework 2 determine probability of coding state at the last nucleotide of the sequence AGTAG. Use parameters provided in the home

Probability, A bag contain 5 white, 7 red and 8 black balls. If four balls ...

A bag contain 5 white, 7 red and 8 black balls. If four balls are drawn one by one without Replacement, find the probability of getting all white balls.

Absorption costing and marginal costing, 2. From the following cost, produc...

2. From the following cost, production and sales data of Decors Motor Ltd., prepare comparative income statement for three years under (i) absorption costing method, and (ii) margi

AUTOMATED TELLER MACHINE (ATM) , AUTOMATED TELLER MACHINE (ATM) Computer m...

AUTOMATED TELLER MACHINE (ATM) Computer managed devices placed at a financial institution division or other place, which allow a client to execute primary checking actions (such a

Find out revised probabilities for symptoms, This problem set consists of t...

This problem set consists of three problems and a short essay.  Each problem is worth 7 points, the essay is worth 4 points for a total of 25 points. 1.  What are the chances th

Statistis, Mention the characteristics of Statistics. Explain any two appli...

Mention the characteristics of Statistics. Explain any two applications of Statistics.

QT, Following is the trend equation for a time series data on a monthly bas...

Following is the trend equation for a time series data on a monthly basis for years 2007 to 2009: Y=2.375+0.895X. Find Y for 2nd quarter of 2010.

Write Your Message!

Captcha
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