Explore BrainMass

Explore BrainMass

    Sample Size: House Price

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    A government survey conducted to estimate the mean price of houses in a metropolitan area is designed to have a margin of error of $10,000. Pilot studies suggest that the population standard deviation is $70,000. Estimate the minimum sample size needed to estimate the population mean with the stated accuracy.

    © BrainMass Inc. brainmass.com June 4, 2020, 2:57 am ad1c9bdddf
    https://brainmass.com/statistics/sample-size-determination/489810

    Solution Summary

    The solution provides step by step method for the calculation of sample size. Formula for the calculation and Interpretations of the results are also included. Interactive excel sheet is included. The user can edit the inputs and obtain the complete results for a new set of data.

    $2.19

    ADVERTISEMENT