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.

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.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section10.4: Distributions Of Data

Problem 19PFA

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