Consider an investigator was interested in the average price of a house in a certain region. They collect a sample of 9 houses and record the price which result in the following data set: 153000, 146000, 132000, 164000, 172000, 159000, 149000, 166000, 161000

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Consider an investigator was interested in the average price of a house in a certain region. They collect a sample of 9 houses and record the price which result in the following data set: 153000, 146000, 132000, 164000, 172000, 159000, 149000, 166000, 161000
2) a) Using the data set from question 1, calculate a 99% confidence interval for the population variance and p
appropriate interpretation for the confidence interval.
b) Calculate a 95% upper confidence bound for o2 and provide an interpretation for this value.
c) Calculate a 95% lower confidence bound for o2 and provide an interpretation for this value.
Transcribed Image Text:2) a) Using the data set from question 1, calculate a 99% confidence interval for the population variance and p appropriate interpretation for the confidence interval. b) Calculate a 95% upper confidence bound for o2 and provide an interpretation for this value. c) Calculate a 95% lower confidence bound for o2 and provide an interpretation for this value.
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