Real estate prices, or generally the real estate market is a major economic concern for several countries, this is largely because real estate prices are connected to several other economic indicators, most importantly an individual’s well-being and security.Below are hypothetical sample data for a country x.(numbers are in thousands KWD) Datetotal sales (y)19971,547.019981,583.019991,239.020001,099.020011,405.020022,286.020032,828.020042,715.920052,227.820062,731.920074,448.120082,789.720091,896.420102,303.220112,896.220123,349.520133,984.220144,860.520153,436.7 Calculate a point estimate of the population meanWhat is the probability of obtaining a point estimate within ± 50 Thousand KD of the population mean given a population standard deviation of 1064.6?Assume the population standard deviation has decreased, how will this change your answer in part B , will the probability of obtaining a sample mean within ± 50 increase or decrease (Explain)

Solution : Given : y : Total sales ( in thousands KWD ), n= 19 a) Point estimate of population mean…

Answered: Real estate prices, or generally the…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

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Real estate prices, or generally the real estate market is a major economic concern for several countries, this is largely because real estate prices are connected to several other economic indicators, most importantly an individual’s well-being and security.

Below are hypothetical sample data for a country x.(numbers are in thousands KWD)

Date	total sales (y)
1997	1,547.0
1998	1,583.0
1999	1,239.0
2000	1,099.0
2001	1,405.0
2002	2,286.0
2003	2,828.0
2004	2,715.9
2005	2,227.8
2006	2,731.9
2007	4,448.1
2008	2,789.7
2009	1,896.4
2010	2,303.2
2011	2,896.2
2012	3,349.5
2013	3,984.2
2014	4,860.5
2015	3,436.7

Calculate a point estimate of the population mean
What is the probability of obtaining a point estimate within ± 50 Thousand KD of the population mean given a population standard deviation of 1064.6?
Assume the population standard deviation has decreased, how will this change your answer in part B , will the probability of obtaining a sample mean within ± 50 increase or decrease (Explain)

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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