Point estimation of the mean price of all homes

Assignment Help Basic Statistics

Reference no: EM1386380

A sample of 120 homes sold recently in a big city gave the mean price of homes equal to $270,000 and the standard deviation equal to $70,000.

a) What is the point estimate of the mean price of all homes in the big city?

b) Construct a 99% confidence interval for the mean price of all homes in the big city.

c) Explain the advantage of the confidence interval over the point estimate.

Reference no: EM1386380

Questions Cloud

Confidence interval for the mean number of hours : A researcher wants to determine a 95% confidence interval for the mean number of hours that UMKC students spend doing homework per week.

Definition of justice in state and in individual : How does Socrates define justice in Plato's Republic? I'm having a hard time understanding his line of argument. How does his definition of justice of the individual relate to his argument for justice in the state?

Internal structures of the larger cell : Assume you are researching microbial life in the Rocky Mountains. You scoop up a water sample from a melted snow puddle because you are curious about the possible microbes that might live there.

What is the difference between a causal model : what is the difference between a causal model and a time-series model? Give an example of when each would be used. What are some of the problems and draw backs of the moving average forecasting model?

Point estimation of the mean price of all homes : A sample of 120 homes sold recently in a big city gave the mean price of homes equal to $270,000 and the standard deviation equal to $70,000. (a) What is the point estimate of the mean price of all homes in the big city?

How the information stored in dna : At the startingof the spring, Dr. Peter Erlenmeyer notices that there is an equal distribution of long and short stemmed dandelions in the vacant lot across the street from his house as well as in his own backward and Explain how the information stor..

Production manager backed up by the necessary data : the production manger advises the manufacturer that the factory should go for manufacturing instead of procuring them from the open market.list out reasons for the decision of the production manager backed up by the necessary data.

Explain feasibility of online bookshop project : Give the comprehensive documentation of results about online bookshop project. Suppose that budget is available, but you require to justify feasibility of project.

Mean remission time : A previously used drug treatment has a mean remission time of 12.5 weeks. Does the data indicate that the mean remission time using the new drug is different from 12.5 week at a level of significance of 0.01?

User Account

All Pages