Confidence Interval Application: Test medium sales prices
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The US Census Bureau announce that the median sales price of new houses sold in April 2009 was $221,600 while the mean sales price was $274,300. Assume that the standard deviation of the prices is $90,000.
a) If you select samples of n=2, describe the shape of the sample distribution of Xbar.
b) If you select samples of n=100, describe the shape of the sample distribution of Xbar.
c) If you select a random sample of n=100, what is the probability that the sample mean will be less than $300,000?
d) If you select a random sample of n=100, what is the probability that the sample mean will be between $275,000 and $ 290,000?
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The expert examines confidence interval application for the test medium sales prices.
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a) For samples of size n=2, the sample distribution of Xbar will be roughly symmetric and centered at the mean of 274,300. Since the population of sales is not normal (mean is not ...
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