Estimate the minimum size sample using empirical rule

Reference no: EM131813577

Question: An economist wishes to estimate, to within six months, the mean time between sales of existing homes, with 95% confidence. Estimate the minimum size sample required. In his experience virtually all houses are re-sold within 40 months, so using the Empirical Rule he will estimate σ by one-sixth the range, or 40/6 = 6.7.

Reference no: EM131813577

Questions Cloud

Write an essay on communication is inevitable-irreversible : Write an essay on Communication is inevitable, irreversible and unrepeatable. Explain what this means to you and be sure to give examples.

How much can you withdraw each month from account assuming : How much can you withdraw each month from account assuming a 25-year withdrawal period

Discuss the staff nurses experiences of cpe program : Discuss the significances of the findings in light of the main topic/problem/issue and present any new understanding or insight about the topic/problem/issue

Conduct research pertaining to the organization : Type of gang (Street, motorcycle, etc), ethnic composition, and number of active and associate members, territory, hideouts,types of crimes usually committed.

Estimate the minimum size sample using empirical rule : An economist wishes to estimate, to within six months, the mean time between sales of existing homes, with 95% confidence.

Interest rate parity and its effect on country currency rate : Describe interest rate parity and its effect on country currency rates? How is goodwill derived from a merger and acquisition transaction.

Prepare a retained earnings statement : The following information was taken from the records of Gibson Inc. for the year 2010. Prepare a retained earnings statement for 2010

Discuss a situation where you saw an unethical act : Discuss a situation where you saw an unethical act and whether or not you reported it based on feelings of loyalty to company or your loyalty to stakeholders.

How the organizational form of the business affects : Write a letter to Thomas explaining how the organizational form of the business affects each of the items he has mentioned

User Account

All Pages