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

Normal distribution, Lifts usually have signs indicating their maximum capa...

Lifts usually have signs indicating their maximum capacity. Consider a sign in a lift that reads “maximum capacity 1400kg or 20 persons”. Suppose that the weights of lift-users are

Histogram , The following figure shows a histogram of the annual maxima of ...

The following figure shows a histogram of the annual maxima of daily rainfall levels (in millimetres) recorded at Maiquetia international airport, Venezuela, for the years 1952 to

Hypotheses- sampling methodology or data collection design, Research Assign...

Research Assignment for Quantitative Methods 2 Purpose: To design, undertake and analyse research on a negotiated project, possible themes could be any one of the following:

What is use of Advantageous , What is use of Advantageous Immediate non-fi...

What is use of Advantageous Immediate non-financial, work-related advantages accruing to the condition.

Management accounting, how cost classification can helpful for planning, co...

how cost classification can helpful for planning, controlling and decision making

Define mortality, Define Mortality: The following rates are used for measur...

Define Mortality: The following rates are used for measuring mortality. Crude death rate The annual crude death rate is defined as  Crude death rate = annual deaths / annual

Calculate the point price elasticity of demand, Bambridge Associates LLP ha...

Bambridge Associates LLP has hired you to analyze the demand in 30 regional markets for custom financial plans for high net worth individuals (Y). A statistical analysis of demand

Bad debt reserve, Explain definition of bad debt reserve and provision in t...

Explain definition of bad debt reserve and provision in terms of accounts receivable likely to be uncollected. Bad debt reserve provision Bad debt reserve provision is a amount

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