Use the sample data to construct the following statements filling in the blanks with the answers you calculate A. Use the sample data to construct a 95% confidence interval for the mean price of a home in Winston-Salem. Since CL = 95%, a = 0.05. Determine the t-score associated with this CL and use it to determine the error bound of the population mean (EBM). Finally, construct a statement in the context of the problem that explains your result. (Use the following statement as a template and fill in the blanks with your results.) "We believe, at the _% confidence level, that the true population mean of home prices in Winston-Salem lies between $. and $ B. Use the "plus four" method to estimate the 95% confidence interval for the population proportion of single-floor homes in the area. Remember, you must calculate p', q', 20.025 in order to determine your error bound of the population proportion (EBP). Write a sentence that interprets the estimate in the context of the situation in the problem. Include the confidence level and confidence interval. (Use the statement below as a template.) and "We believe, at the homes in Winston-Salem lies between % confidence level, that the true population proportion of single-floor %." % and
Use the sample data to construct the following statements filling in the blanks with the answers you calculate A. Use the sample data to construct a 95% confidence interval for the mean price of a home in Winston-Salem. Since CL = 95%, a = 0.05. Determine the t-score associated with this CL and use it to determine the error bound of the population mean (EBM). Finally, construct a statement in the context of the problem that explains your result. (Use the following statement as a template and fill in the blanks with your results.) "We believe, at the _% confidence level, that the true population mean of home prices in Winston-Salem lies between $. and $ B. Use the "plus four" method to estimate the 95% confidence interval for the population proportion of single-floor homes in the area. Remember, you must calculate p', q', 20.025 in order to determine your error bound of the population proportion (EBP). Write a sentence that interprets the estimate in the context of the situation in the problem. Include the confidence level and confidence interval. (Use the statement below as a template.) and "We believe, at the homes in Winston-Salem lies between % confidence level, that the true population proportion of single-floor %." % and
College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter8: Sequences, Series, And Probability
Section8.7: Probability
Problem 58E: What is meant by the sample space of an experiment?
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Transcribed Image Text:Table 1: A random sampling of 30 homes in the Winston-Salem area.
Price
Size
(single- or multi-level)
178,900
1
218,000
239,900
1
142,000
1
183,200
279,600
199,900
2
2
314,900
130,000
2
339,900
200,000
254,900
293,500
1
2
1
2
225,000
2
249,900
2
145,000
1
284,900
259,900
1
1
165,000
277,900
210,000
1
2
285,000
174,900
195,000
1
289,900
2
225,000
2
179,000
248,900
1
2
209,900
2
225,000
Transcribed Image Text:Use the sample data to construct the following statements filling in the blanks with the answers you
calculate
A. Use the sample data to construct a 95% confidence interval for the mean price of a home in
Winston-Salem. Since CL = 95%, a = 0.05. Determine the t-score associated with this CL
and use it to determine the error bound of the population mean (EBM). Finally, construct a
statement in the context of the problem that explains your result. (Use the following statement
as a template and fill in the blanks with your results.)
"We believe, at the
Winston-Salem lies between $
% confidence level, that the true population mean of home prices in
and $
B. Use the "plus four" method to estimate the 95% confidence interval for the population
proportion of single-floor homes in the area. Remember, you must calculate p', q',
and 20.025 in order to determine your error bound of the population proportion (EBP). Write
a sentence that interprets the estimate in the context of the situation in the problem. Include the
confidence level and confidence interval. (Use the statement below as a template.)
"We believe, at the_% confidence level, that the true population proportion of single-floor
% and
homes in Winston-Salem lies between
%."
2.
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