1. You want to rent an unfurnished one-bedroom apartment in Boston next year. The mean monthly rent for a simple random sample of 32 apartments advertised in the local newspaper is $1,400. Assume that the sample standard deviation is known to be $220. (a) Calculate the margin of error for the 99% confidence interval for µ. (b) Find a 99% confidence interval for the mean monthly rent for unfurnished one-bedroom apartments available for rent in this community. (c) what is the width of this 99% confidence interval for µ. (d) Does the confidence interval give us information about the statistic or the parameter? (e) How should we interpret a 99% confidence interval for the mean? (f) What if the sample size was increased to 80 for the 99% confidence interval, how would the confidence interval change with this larger sample size? No calculations necessary. Suppose you were to change the confidence level in (b) to 95% using the same sample. How would the confidence interval change? No calculations necessary.

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1. You want to rent an unfurnished one-bedroom apartment in
Boston next year. The mean monthly rent for a simple random
sample of 32 apartments advertised in the local newspaper is
$1,400. Assume that the sample standard deviation is known
to be $220.
(a) Calculate the margin of error for the 99% confidence
interval for µ.
(b) Find a 99% confidence interval for the mean monthly rent
for unfurnished one-bedroom apartments available for rent
in this community.
(c) what is the width of this 99% confidence interval for u.
(d) Does the confidence interval give us information about the
statistic or the parameter?
(e) How should we interpret a 99% confidence interval for the
mean?
(f) What if the sample size was increased to 80 for the 99%
confidence interval, how would the confidence interval
change with this larger sample size? No calculations
necessary.
(g) Suppose you were to change the confidence level in (b) to
95% using the same sample. How would the confidence
interval change? No calculations necessary.
Transcribed Image Text:1. You want to rent an unfurnished one-bedroom apartment in Boston next year. The mean monthly rent for a simple random sample of 32 apartments advertised in the local newspaper is $1,400. Assume that the sample standard deviation is known to be $220. (a) Calculate the margin of error for the 99% confidence interval for µ. (b) Find a 99% confidence interval for the mean monthly rent for unfurnished one-bedroom apartments available for rent in this community. (c) what is the width of this 99% confidence interval for u. (d) Does the confidence interval give us information about the statistic or the parameter? (e) How should we interpret a 99% confidence interval for the mean? (f) What if the sample size was increased to 80 for the 99% confidence interval, how would the confidence interval change with this larger sample size? No calculations necessary. (g) Suppose you were to change the confidence level in (b) to 95% using the same sample. How would the confidence interval change? No calculations necessary.
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