Answered: Russell is doing some research before…

Name: Russell is doing some research before buying his first house. He is lo
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Description: Russell is doing some research before buying his first house. He is looking at two different areas of the city, and he wants to know if there is a significant difference between the mean prices of homes in the two areas. For the 33 homes he samples i

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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Russell is doing some research before buying his first house. He is looking at two different areas of the city, and he wants to know if there is a significant difference between the mean prices of homes in the two areas. For the 33 homes he samples in the first area, the mean home price is $⁢168,300. Public records indicate that home prices in the first area have a population standard deviation of $37,825. For the 32 homes he samples in the second area, the mean home price is $⁢181,900. Again, public records show that home prices in the second area have a population standard deviation of $⁢25,070. Let Population 1 be homes in the first area and Population 2 be homes in the second area. Construct a 95% confidence interval for the true difference between the mean home prices in the two areas. Round the endpoints of the interval to the nearest whole number, if necessary.

Lower Endpoint =

Upper Endpoint=

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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