Confidence interval for the proportion

Reference no: EM1313121

Provide an appropriate response.

The real estate industry claims that it is the best and most effective system to market residential real estate. A survey of randomly selected home sellers in Illinois found that a 99% confidence interval for the proportion of homes that are sold by a real estate agent is 70% to 80%. Explain what "99% confidence" means in this context.

About 99% of all random samples of home sellers in Illinois will find that between 70% and 80% of homes are sold by a real estate agent.

a. There is a 99% chance that the true proportion of home sellers in Illinois who sell their home with a real estate agent is between 70% and 80%.

b. About 99% of all random samples of home sellers in Illinois will find that between 70% and 80% of homes are sold by a real estate agent.

c. In 99% of the years, between 70% and 80% of homes in Illinois are sold by a real estate agent.

d. 99% of home sellers in Illinois will sell their home with a real estate agent between 70% and 80% of the time.

e. About 99% of all random samples of home sellers in Illinois will produce a confidence interval that contains the true proportion of homes sold by a real estate agent

Describe the indicated sampling distribution model.

Some real estate specialists estimate that the length of time people live in a house has a mean of 10 years and a standard deviation of 3 years. A random sample of 200 families was chosen and surveyed. Let represent the mean number of years that those families had lived in their house. Describe the sampling distribution model of this mean.

a. N(10, 3)

b. N(10, 1.5)

c. N(10, 0.2)

d. Binom (10, 3)

e. There is not enough information to describe the distribution.

Reference no: EM1313121

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