Part I: Sample Size

How many, if any, additional home prices need to be sampled from your state in order to construct a 93% confidence interval, for the population mean, that has a margin of error of at most $10,000?

Part II: Confidence Interval
To construct a 90% confidence interval for the proportion (percentage) of homes in your state that have an advertised selling price of over $300000, we first need an estimate for the population proportion.

a) Using your sample, state the value of p-hat. (See the table you constructed for Problem/Step 6 of the term project to help you calculate p-hat.)

b) Using the value you calculated for p-hat for your state, are n times p-hat and n times q-hat both greater than or equal to 5? Note that n is your sample size.

c) If your answer to part b is yes, then construct the 90% confidence interval for p, the population proportion of homes in your state that have an advertised selling price of over $300,000. If your answer to part b is no, then you cannot use the normal distribution to approximate the binomial distribution, but if you would like to try constructing the CI using the normal distribution for the practice then go ahead but note that the interval is misleading and considered a misuse/abuse of statistics.

d) Assuming you did part c), write an interpretation for the confidence interval you constructed.

Price: $5.9

Solution: The downloadable solution consists of 2 pages, 390 words.
Deliverable: Word Document