Question
In: Statistics and Probability
PEI real estate company claimed that the sales price of residential properties in charlottetown averaged $280000...
PEI real estate company claimed that the sales price of residential properties in charlottetown averaged $280000 in 2019. in the first six months of 2019, sales for a sample of 75 houses totaled $22.5 million dollars. from past analysis, the price for houses sold was normally distributed with a standard deviation of $75000.
a)what is the mean house price for 2019?
b0assuming that the standard deviation of the population remains stable, what is the range for the mean housing price from the sample in 2019 (assume a two-tail test):
i)at the 95% confidence level.
ii)at the 99% confidence level.
iii)interpret the results with respect to PEI real estate company's claim.
c)after review of the 2019 sample, the standard deviation was determined to be $60,000.
i)determine the 95% confidence interval for 2019 housing prices.
ii) does the average claimed by the real estate company fall within this range>
iii)interpret the results
Solutions
orchestra answered 1 year agoRelated Solutions
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