A random sample of eight homes in a particular suburb had the following selling prices (in thousands of dollars): 192 183 312 227 309 396 402 390 a. Check for evidence of nonnormality. b. Find a point estimate of the population mean that is unbiased and efficient. c. Use an unbiased estimation procedure to find a point estimate of the variance of the sample mean. (Hint: Use sample standard deviation to estimate population standard deviation). d. Use an unbiased estimator to estimate the proportion of homes in this suburb selling for less than $250,000.
A random sample of eight homes in a particular suburb had the following selling prices (in thousands of dollars): 192 183 312 227 309 396 402 390 a. Check for evidence of nonnormality. b. Find a point estimate of the population mean that is unbiased and efficient. c. Use an unbiased estimation procedure to find a point estimate of the variance of the sample mean. (Hint: Use sample standard deviation to estimate population standard deviation). d. Use an unbiased estimator to estimate the proportion of homes in this suburb selling for less than $250,000.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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A random sample of eight homes in a particular suburb had the following selling prices (in thousands of dollars):
192 183 312 227 309 396 402 390
a. Check for evidence of nonnormality.
b. Find a point estimate of the population mean that is unbiased and efficient.
c. Use an unbiased estimation procedure to find a point estimate of the variance of the sample mean. (Hint: Use sample standard deviation to estimate population standard deviation).
d. Use an unbiased estimator to estimate the proportion of homes in this suburb selling for less than $250,000.
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