Answered: A real estate investor wants to decide…

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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A real estate investor wants to decide whether it is a good investment to build a high-end shopping complex in a given suburb of Melbourne. His main concern is the total market value of the 3,605 houses in the suburb. He commissioned a statistical consulting group to take a random sample of 200 houses and the consulting group obtained a sample average market price of $985,000 and a sample standard deviation of $25,800. i. Provide a point estimate of the market price of the houses in the given suburb. Explain your reasoning. ii. Construct a 90% confidence interval estimate for the true average market price of the houses in the given suburb and provide a plain language interpretation of the interval.

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