A random sample of 5 states gave the following areas (in 1000 square miles; same data...

A random sample of 5 states gave the following areas (in 1000 square miles; same data as Problem 2-38, incidentally): 147, 84, 24, 85, 159 a) Find the 95% confidence interval for the mean area for all 50 states in the United States. 13. A real estate agent wants to estimate the average selling price of houses in a suburb of Atlanta. It randomly samples 25 recent sales and calculates the average price = $148,000 and the standard deviation s = $62,000. a) Calculate a 95% confidence interval for the mean of all recent selling prices. 12. A random sample of 5 states gave the following areas (in 1000 square miles; same data as Problem 2-38, incidentally): 147, 84, 24, 85, 159 a) Find the 95% confidence interval for the mean area for all 50 states in the United States.

Expert Solution

13)

sample std dev ,    s =    62000.0000
Sample Size ,   n =    25
Sample Mean,    x̅ =   148000.0000

Level of Significance ,    α =    0.05
degree of freedom=   DF=n-1=   24
't value='   tα/2=   2.064   [Excel formula =t.inv(α/2,df) ]

Standard Error , SE = s/√n =   62000/√25=   12400.0000
margin of error , E=t*SE =   2.0639   *   12400.0000   =   25592.342

confidence interval is
Interval Lower Limit = x̅ - E =    148000.00   -   25592.3422   =   122407.6578
Interval Upper Limit = x̅ + E =    148000.00   -   25592.3422   =   173592.3422
95%   confidence interval is (   122407.66   < µ <   173592.34   )

................

Please let me know in case of any doubt.

Thanks in advance!

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orchestra answered 2 years ago

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A random sample of 5 states gave the following areas (in 1000 square miles; same data...

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