For the following questions you will use StatKey to construct bootstrap confidence intervals for the difference...

For the following questions you will use StatKey to construct bootstrap confidence intervals for the difference in two means. Use the “Home Prices (NY vs NJ)” dataset built into StatKey to address the following.

A. Using the percentile method, construct a 95% confidence interval for the difference in the mean home prices in New York and New Jersey. Take at least 5,000 resamples. Don’t forget to include a screenshot from StatKey and to identify your answer.

B. Using the standard error method, construct a 95% confidence interval for the difference in the mean home prices in New York and New Jersey. You can use the standard error from the bootstrap distribution you constructed in part A. Show all of your work using the equation editor.

C. Explain why the confidence intervals you constructed using the percentile method and the standard error method are not exactly the same. In other words, why may we expect answers in parts A and B to be slightly different?

Solutions

Expert Solution

ANSWER::

(a) The StatKey output is:

The 95% confidence interval is between -445.219 and 85.04.

(b)

-177.13 +- 2.002*132.452

= (-442.261, 88.001)

The 95% confidence interval is between -442.261 and 88.001.

(c)

There is a difference because the standard errors are different for the samples.

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orchestra answered 1 year ago

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