Assume the branch manager is not satisfied with the widths of the obtained confidence intervals, and...

Assume the branch manager is not satisfied with the widths of the obtained confidence intervals, and she requests estimates of the mean selling price of Gulf View condominiums with a margin of error of $40,000 and the mean selling price of No Gulf View condominiums with a margin of error of $15,000. Using 95% confidence, how should the sample sizes be?

Gulf View Condominiums		No Gulf View Condominiums
List Price	Sale Price	List Price	Sale Price
495.0	475.0	227.0	227.0
379.0	350.0	158.0	145.5
529.0	519.0	196.5	189.0
552.5	534.5	249.0	240.0
334.9	334.9	289.0	277.5
550.0	505.0	225.0	224.0
169.9	165.0	289.0	269.0
210.0	210.0	189.9	186.5
975.0	945.0	159.9	154.9
314.0	314.0	245.0	240.0
315.0	305.0	209.8	202.0
885.0	800.0	220.0	205.0
975.0	975.0	236.0	222.0
469.0	445.0	159.9	156.5
329.0	305.0	170.0	170.0
365.0	330.0	332.0	302.5
332.0	312.0	197.5	189.0
520.0	495.0	257.0	237.0
425.0	405.0
675.0	669.0
409.0	400.0
649.0	649.0
319.0	305.0
425.0	410.0
359.0	340.0
469.0	449.0
895.0	875.0
439.0	430.0
435.0	400.0
235.0	227.0
638.0	618.0
629.0	600.0
329.0	309.0
595.0	555.0
339.0	315.0
215.0	200.0
395.0	375.0
449.0	425.0
499.0	465.0
439.0	428.5

Expert Solution

Gulf View Condominiums

I am assuming that sales price are in thousands

std dev for gulf view sale price=192.51775

Standard Deviation ,   =    192.5177534
sampling error ,    E =   40
Confidence Level ,   CL=   95%

alpha =   1-CL =   5%
Z value =    Zα/2 =    1.9600

Sample Size,n =    (Z*std dev/ E)² =   88.9852


So,Sample Size needed=       89

---------------------------------------------------------

No Gulf View Condominiums

Standard Deviation ,   =    43.89172358
sampling error ,    E =   15
Confidence Level ,   CL=   95%

alpha =   1-CL =   5%
Z value =    Zα/2 =    1.9600

Sample Size,n =    (Z*std dev / E)² =   32.8911


So,Sample Size needed=       33

milcah answered 7 hours ago

construct the indicated confidence intervals for the population variance and the poplulation standard deviation. assume the...

construct the indicated confidence intervals for the population variance and the poplulation standard deviation. assume the sample is from a normally distributed population. c=0.95, s2=15.40, n=25

Have to answer a lab question on confidence intervals in health sciences. In using confidence intervals...

Have to answer a lab question on confidence intervals in health sciences. In using confidence intervals to make a decision or solve a problem in my job (nursing), or a life situation, include the following elements: Description of the problem or decision, how the interval would impact the decision and what level of confidence would be the most appropriate and why, and what data would be collected and how would you collect the data?

Calculate confidence intervals for ratio of two population variances and ratio of standard deviations. Assume that...

Calculate confidence intervals for ratio of two population variances and ratio of standard deviations. Assume that samples are simple random samples and taken from normal populations. a. ?=0.05, ?1=30,?1=16.37,?2=39,?2=9.88, b. ?=0.01, ?1=25,?1=5.2,?2=20,?2=6.8,

Hypothesis Testing and Confidence Intervals The Reliable Housewares store manager wants to learn more about the...

Hypothesis Testing and Confidence Intervals The Reliable Housewares store manager wants to learn more about the purchasing behavior of its "credit" customers. In fact, he is speculating about four specific cases shown below (a) through (d) and wants you to help him test their accuracy. b. The true population proportion of credit customers who live in an urban area exceeds 55% i. Using the dataset provided in Files perform the hypothesis test for each of the above speculations (a) through...

Out of 32 confidence intervals, we would expect that 24 confidence intervals would contain the population...

Out of 32 confidence intervals, we would expect that 24 confidence intervals would contain the population mean for a 75% confidence interval, that 27.2 confidence intervals would contain the population mean for an 85% confidence interval, and that 30.4 confidence intervals would contain the population mean for a 95% confidence interval. However, in reality, only 26 confidence intervals contain the population mean for 75%, 27 intervals for 85%, and 30 intervals for 95%. a.) How do you account for the...

How do confidence intervals differ from prediction intervals? How are these two intervals affected by the...

How do confidence intervals differ from prediction intervals? How are these two intervals affected by the distance value?

Making Decisions with Confidence Intervals Assume you work for Kimberly Clark Corporation, the makers of Kleenex....

Making Decisions with Confidence Intervals Assume you work for Kimberly Clark Corporation, the makers of Kleenex. The job you are presently working on requires you to decide how many Kleenexes are to be put in the new automobile glove compartment boxes. Complete the following: 1. When do people usually need Kleenexes? 2. What type of data collection technique would you use? 3. Assume you found out that, from your sample of 81 people, on average about 57 Kleenexes are used...

Carlos is fhe new assistant branch manager of a larger Florida-based bank and the branch manager...

Carlos is fhe new assistant branch manager of a larger Florida-based bank and the branch manager has asked him a question to test his knowledge. The question is which rate should the bank advertise on monthly-compounded loans, the nominal annual percentage rate or the effective annual percentage rate? Which rate should the bank advertise on quarterly-compounded savings accounts? Explain. As a consumer, which would you prefer to see and why?

Construct two confidence intervals for the population mean: a 95% confidence interval and a 99% confidence...

Construct two confidence intervals for the population mean: a 95% confidence interval and a 99% confidence interval. Assume that your data is normally distributed and the population standard deviation is unknown Here is the data set of 60 numbers. 69 35 60 55 49 60 72 70 70 73 68 72 74 69 46 48 70 55 49 60 72 70 76 56 59 64 71 69 55 61 70 55 45 69 54 48 60 61 50 59 60...

The following data were obtained at the same laboratory. Assume 95% confidence level. Worker A x...

The following data were obtained at the same laboratory. Assume 95% confidence level. Worker A x = 25.8 ng/mL s = 0.65 n = 4 samples Worker B x = 19.7 ng/mL s = 0.45 n = 6 samples (Note; x = mean) Find the pooled standard deviation Use the t-test to compare the results obtained by the 2 workers. Use the F-test to compare the standard deviations Find the pooled standard deviation.

Question