How many apartments should friend randomly sample

Reference no: EM131427355

Apartment rental rates. You hope to rent an unfurnished one-bedroom apartment in Dallas next year. You call a friend who lives there and ask him to give you an estimate of the mean monthly rate. Having taken a statistics course recently, the friend asks about the desired margin of error and confidence level for this estimate. He also tells you that the standard deviation of monthly rents is about $300.

(a) For 95% confidence and a margin of error of $100, how many apartments should the friend randomly sample from the local newspaper?

(b) Suppose that you want the margin of error to be no more than $50. How many apartments should the friend sample?

Reference no: EM131427355

Questions Cloud

What is the margin of error of their estimate : Ignoring the fact that the Student Monitor used a more complex sampling design and, instead, treating it as an SRS, what is the margin of error of their estimate for 95% confidence?

Analyze what is meant by religion : Choose ONE (1) category (origin of all things, nature of god, view of human nature, view of good and evil, etc.) from the chart to focus on for this assignment. Consider how the selected category relates to all of the religions covered and to your..

Describe how each event affects basic accounting equation : Prepare entries, if appropriate, for each event, describe how each event affects the basic accounting equation, and explain the economic significance of par value.

Information technology project management : Write a set of tasks for the "Opening Case" on page 188 of your course text, Information Technology Project Management. Create the WBS for this project.

How many apartments should friend randomly sample : For 95% confidence and a margin of error of $100, how many apartments should the friend randomly sample from the local newspaper?

Uas platform discussion assignment activity : Post a write up discussion. Your write up discussion will describe in detail a Lockheed Martin RQ-170 Sentinel UAV platform that fosters interaction from other students. Provide two or three suggested areas that other students can respond to in re..

Compute earnings per share before and after the purchase : Compute the ratio of total liabilities to shareholders' equity before and after the purchase.

Explore the use of cross-channel marketing techniques : Identify the unique approaches taken by the company to reach their B2B customer. Explore the use of cross-channel marketing techniques. Correlate the strategy with the value network concept presented in the chapter readings.

What sample size is needed in given situation : You feel that a reasonable estimate of the standard deviation is 6.5 hours. What sample size is needed so that the margin of error of your estimate is not larger than 1 hour for 95% confidence?

User Account

All Pages