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1. Calculate the confidence interval and the error bound. a. Confidence Interval: b. Error Bound: 2. How much area is in both tails (combined)? a = 3. How much area is in each tail? 8|N a 2

1. Calculate the confidence interval and the error bound. a. Confidence Interval: b. Error Bound: 2. How much area is in both tails (combined)? a = 3. How much area is in each tail? 8|N a 2

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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Student Learning Outcomes The student will calculate the 90% confidence interval for the mean cost of a home in the area in which this school is located. ● The student will interpret confidence intervals. The student will determine the effects of changing conditions on the confidence interval. Collect the Data Check the Real Estate section in your local newspaper. Record the sale prices for 35 randomly selected homes recently listed in the county. NOTE Many newspapers list them only one day per week. Also, we will assume that homes come up for sale randomly. 1. Complete the table: 284,900 595,000 485,000 334,000 342,000 344,000 485,900 265,000 309,900 420,000 415,000 414,999 314,600 370,000 252,500 335,000 389,900 317,400 2,740,000 750,000 375,600 270,00 33,900 280,000 949,900 584,072 367,400 326,900 374,900 399,000 449,900 338,800 795,000 408,9000 1,650,000
Transcribed Image Text:Student Learning Outcomes The student will calculate the 90% confidence interval for the mean cost of a home in the area in which this school is located. ● The student will interpret confidence intervals. The student will determine the effects of changing conditions on the confidence interval. Collect the Data Check the Real Estate section in your local newspaper. Record the sale prices for 35 randomly selected homes recently listed in the county. NOTE Many newspapers list them only one day per week. Also, we will assume that homes come up for sale randomly. 1. Complete the table: 284,900 595,000 485,000 334,000 342,000 344,000 485,900 265,000 309,900 420,000 415,000 414,999 314,600 370,000 252,500 335,000 389,900 317,400 2,740,000 750,000 375,600 270,00 33,900 280,000 949,900 584,072 367,400 326,900 374,900 399,000 449,900 338,800 795,000 408,9000 1,650,000
Describe the Data 1. Compute the following: a. x = 380,116 b. Sx = 295,161 c. n = 35 2. In words, define the random variable X. a. This number is the random variable that homes come up for sale. Find the Confidence Interval 1. Calculate the confidence interval and the error bound. a. Confidence Interval: b. Error Bound: 2. How much area is in both tails (combined)? a = 3. How much area is in each tail? α 2 4. Fill in the blanks on the graph with the area in each section. Then, fill in the number line with the upper and lower limits of the confidence interval and the sample mean. OIN C.L. = JIN ||
Transcribed Image Text:Describe the Data 1. Compute the following: a. x = 380,116 b. Sx = 295,161 c. n = 35 2. In words, define the random variable X. a. This number is the random variable that homes come up for sale. Find the Confidence Interval 1. Calculate the confidence interval and the error bound. a. Confidence Interval: b. Error Bound: 2. How much area is in both tails (combined)? a = 3. How much area is in each tail? α 2 4. Fill in the blanks on the graph with the area in each section. Then, fill in the number line with the upper and lower limits of the confidence interval and the sample mean. OIN C.L. = JIN ||
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Some students think that a 90% confidence interval contains 90% of the data. Use the list of data on the first page and count how many of the data values lie within the confidence interval. What percent is this? Is this percent close to 90%? Explain why this percent should or should not be close to 90%.

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