Question
In: Statistics and Probability
A family is relocating from St. Louis, Missouri, to California. Due to an increasing inventory of...
A family is relocating from St. Louis, Missouri, to California. Due to an increasing inventory of houses in St. Louis, it is taking longer than before to sell a house. The wife is concerned and wants to know when it is optimal to put their house on the market. Her realtor friend informs them that the last 17 houses that sold in their neighborhood took an average time of 245 days to sell. The realtor also tells them that based on her prior experience, the population standard deviation is 40 days. [You may find it useful to reference the z table.]
a. What assumption regarding the population is necessary for making an interval estimate for the population mean?
Assume that the central limit theorem applies.
OR
Assume that the population has a normal distribution.
b. Construct the 99% confidence interval for the mean sale time for all homes in the neighborhood. (Round intermediate calculations to at least 4 decimal places. Round "z" value to 3 decimal places and final answers to 2 decimal places.)
Solutions
orchestra answered 1 year agoRelated Solutions
A family is relocating from St. Louis, Missouri, to California. Due to an increasing inventory of...
A family is relocating from St. Louis, Missouri, to California.
Due to an increasing inventory of houses in St. Louis, it is taking
longer than before to sell a house. The wife is concerned and wants
to know when it is optimal to put their house on the market. Her
realtor friend informs them that the last 20 houses that sold in
their neighborhood took an average time of 130 days to sell. The
realtor also tells them that based...
A family is relocating from St. Louis, Missouri, to California. Due to an increasing inventory of...
A family is relocating from St. Louis, Missouri, to California.
Due to an increasing inventory of houses in St. Louis, it is taking
longer than before to sell a house. The wife is concerned and wants
to know when it is optimal to put their house on the market. Her
realtor friend informs them that the last 24 houses that sold in
their neighborhood took an average time of 150 days to sell. The
realtor also tells them that based...
A family is relocating from St. Louis, Missouri, to California. Due to an increasing inventory of...
A family is relocating from St. Louis, Missouri, to California.
Due to an increasing inventory of houses in St. Louis, it is taking
longer than before to sell a house. The wife is concerned and wants
to know when it is optimal to put their house on the market. Her
realtor friend informs them that the last 21 houses that sold in
their neighborhood took an average time of 120 days to sell. The
realtor also tells them that based...
A family is relocating from St. Louis, Missouri, to California. Due to an increasing inventory of...
A family is relocating from St. Louis, Missouri, to California.
Due to an increasing inventory of houses in St. Louis, it is taking
longer than before to sell a house. The wife is concerned and wants
to know when it is optimal to put their house on the market. Her
realtor friend informs them that the last 21 houses that sold in
their neighborhood took an average time of 120 days to sell. The
realtor also tells them that based...
A family is relocating from St. Louis, Missouri, to California. Due to an increasing inventory of...
A family is relocating from St. Louis, Missouri, to California.
Due to an increasing inventory of houses in St. Louis, it is taking
longer than before to sell a house. The wife is concerned and wants
to know when it is optimal to put their house on the market. Her
realtor friend informs them that the last 25 houses that sold in
their neighborhood took an average time of 85 days to sell. The
realtor also tells them that based...
A family is relocating from St. Louis, Missouri, to California. Due to an increasing inventory of...
A family is relocating from St. Louis, Missouri, to California.
Due to an increasing inventory of houses in St. Louis, it is taking
longer than before to sell a house. The wife is concerned and wants
to know when it is optimal to put their house on the market. Her
realtor friend informs them that the last 26 houses that sold in
their neighborhood took an average time of 75 days to sell. The
realtor also tells them that based...
A family is relocating from St. Louis, Missouri, to California. Due to an increasing inventory of...
A family is relocating from St. Louis, Missouri, to California.
Due to an increasing inventory of houses in St. Louis, it is taking
longer than before to sell a house. The wife is concerned and wants
to know when it is optimal to put their house on the market. Her
realtor friend informs them that the last 28 houses that sold in
their neighborhood took an average time of 220 days to sell. The
realtor also tells them that based...
1. You are driving into St. Louis, Missouri, and in the distance you see the famous...
1. You are driving into St. Louis, Missouri, and in the distance
you see the famous Gateway-to-the-West arch. This monument rises to
a height of 192 m. You estimate your line of sight with the top of
the arch to be 6.83 ° above the horizontal. Approximately how far
(in kilometers) are you from the base of the arch?
Numbers ______ Units_____
2. A highway is to be built between two towns, one of which lies
44.0 km south and...
A partnership of attorneys in the St. Louis, Missouri, area has the following balance sheet accounts...
A partnership of attorneys in the St. Louis, Missouri, area has
the following balance sheet accounts as of January 1, 2018:
Assets
$
306,000
Liabilities
$
100,000
Athos, capital
82,000
Porthos, capital
72,000
Aramis, capital
52,000
According to the articles of partnership, Athos is to receive an
allocation of 50 percent of all partnership profits and losses
while Porthos receives 30 percent and Aramis, 20 percent. The book
value of each asset and liability should be considered an accurate
representation...
A partnership of attorneys in the St. Louis, Missouri, area has the following balance sheet accounts...
A partnership of attorneys in the St. Louis, Missouri, area has
the following balance sheet accounts as of January 1, 2018:
Assets
$
482,000
Liabilities
$
144,000
Athos, capital
126,000
Porthos, capital
116,000
Aramis, capital
96,000
According to the articles of partnership, Athos is to receive an
allocation of 50 percent of all partnership profits and losses
while Porthos receives 30 percent and Aramis, 20 percent. The book
value of each asset and liability should be considered an accurate
representation...
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