Home sales The housing market has recovered slowlyfrom the economic crisis of 2008. Recently, in one largecommunity, realtors randomly sampled 36 bids frompotential buyers to estimate the average loss in home value. The sample showed the average loss was $9560with a standard deviation of $1500.a) What assumptions and conditions must be checkedbefore finding a confidence interval? How would youcheck them?b) Find a 95% confidence interval for the mean loss invalue per home. c) Interpret this interval and explain what 95% confi-dence means in this context.

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.