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

Correlation matrix, A. Complete the correlation matrix table. B. Which vari...

A. Complete the correlation matrix table. B. Which variable (s) has the highest correlation coeffieient which is not a perfect correlation? C. Which variable (s) has the lowest cor

Calculate and interpret the measures of dispersion for data, You are workin...

You are working for the management of ESK Jewellery as a marketing consultant. The main business of ESK Jewellery is the retailing of diamond jewellery. They opened their first sho

TRENDS , Why do we particularly omit the middle year when using the semi-av...

Why do we particularly omit the middle year when using the semi-average method to fit a trend line

Standard deviation, define standard deviation. their purpose,uses,advantage...

define standard deviation. their purpose,uses,advantages nd disadvantages,examples ,formula for grouped and ungrouped.

Management accounting, CRSL has a large auditorium which can cater for 300 ...

CRSL has a large auditorium which can cater for 300 people and is ideal for formal balls and functions. The auditorium can also be reconfigured to cater for 100 people. The Seasons

Calculate npv and irr of the project, PolyCorp is considering an investment...

PolyCorp is considering an investment in new plant of $3 million.  The project will be financed with a loan of $2,000,000 which will be repaid over the next five years in equal ann

Tools., what do you mean by correct and remedy the equipment trouble as ins...

what do you mean by correct and remedy the equipment trouble as instructed by the expert.

Holding period return, Holding period return: Holding period return is the ...

Holding period return: Holding period return is the return earned by the virtue of holding an asset over a given period. The return is equal to the income and other gains earned fr

Illustrate linear correlation, Q. Illustrate Linear Correlation? Ans. ...

Q. Illustrate Linear Correlation? Ans. In bivariate studies we are often interested in finding out whether there is a relationship between two sets of data. Are SAT score

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