Homework Help is Here – Start Your Trial Now!
Math
Statistics
The housing market has recovered slowly from the economic crisis of 2008. Recently, in one large community, realtors randomly sampled 36 bids from potential buyers to estimate the average loss in home value. The sample showed the average loss was $8600 with a standard deviation of $1669. Complete parts a and b below. a) What assumptions and conditions must be checked before finding a confidence interval? How would one check them? A. The data are assumed to be independent and from a Normal population. Check the independence assumption with the Randomization Condition. Check the Normal population assumption with the Nearly Normal Condition using a histogram. B. The data are assumed to be dependent and to have a sample size that is large enough to have a sampling distribution that is approximately Normal. Check the independence assumption by ensuring that there are at least 10 "successes" and 10 "failures." C. The data are assumed to be independent and to have a sample size that is large enough to have a sampling distribution that is approximately Normal. Check the independence assumption with the Randomization Condition. Check the sample size assumption by ensuring that there are at least 10 "successes" and 10 "failures." OD. The data are assumed to be independent and from a Normal population. Check the independence assumption with the Nearly Normal Condition using a histogram. Check the Normal population assumption with the Randomization Condition.

The housing market has recovered slowly from the economic crisis of 2008. Recently, in one large community, realtors randomly sampled 36 bids from potential buyers to estimate the average loss in home value. The sample showed the average loss was $8600 with a standard deviation of $1669. Complete parts a and b below. a) What assumptions and conditions must be checked before finding a confidence interval? How would one check them? A. The data are assumed to be independent and from a Normal population. Check the independence assumption with the Randomization Condition. Check the Normal population assumption with the Nearly Normal Condition using a histogram. B. The data are assumed to be dependent and to have a sample size that is large enough to have a sampling distribution that is approximately Normal. Check the independence assumption by ensuring that there are at least 10 "successes" and 10 "failures." C. The data are assumed to be independent and to have a sample size that is large enough to have a sampling distribution that is approximately Normal. Check the independence assumption with the Randomization Condition. Check the sample size assumption by ensuring that there are at least 10 "successes" and 10 "failures." OD. The data are assumed to be independent and from a Normal population. Check the independence assumption with the Nearly Normal Condition using a histogram. Check the Normal population assumption with the Randomization Condition.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.6: Summarizing Categorical Data
Problem 4BGP
See similar textbooks
icon
Related questions
Question
The housing market has recovered slowly from the economic crisis of 2008. Recently, in one large community, realtors randomly sampled 36 bids from potential buyers to estimate the average loss in home value. The sample showed the average loss was $8600 with a standard deviation of $1669. Complete parts a and b below. a) What assumptions and conditions must be checked before finding a confidence interval? How would one check them? A. The data are assumed to be independent and from a Normal population. Check the independence assumption with the Randomization Condition. Check the Normal population assumption with the Nearly Normal Condition using a histogram. B. The data are assumed to be dependent and to have a sample size that is large enough to have a sampling distribution that is approximately Normal. Check the independence assumption by ensuring that there are at least 10 "successes" and 10 "failures." C. The data are assumed to be independent and to have a sample size that is large enough to have a sampling distribution that is approximately Normal. Check the independence assumption with the Randomization Condition. Check the sample size assumption by ensuring that there are at least 10 "successes" and 10 "failures." OD. The data are assumed to be independent and from a Normal population. Check the independence assumption with the Nearly Normal Condition using a histogram. Check the Normal population assumption with the Randomization Condition.
Transcribed Image Text:The housing market has recovered slowly from the economic crisis of 2008. Recently, in one large community, realtors randomly sampled 36 bids from potential buyers to estimate the average loss in home value. The sample showed the average loss was $8600 with a standard deviation of $1669. Complete parts a and b below. a) What assumptions and conditions must be checked before finding a confidence interval? How would one check them? A. The data are assumed to be independent and from a Normal population. Check the independence assumption with the Randomization Condition. Check the Normal population assumption with the Nearly Normal Condition using a histogram. B. The data are assumed to be dependent and to have a sample size that is large enough to have a sampling distribution that is approximately Normal. Check the independence assumption by ensuring that there are at least 10 "successes" and 10 "failures." C. The data are assumed to be independent and to have a sample size that is large enough to have a sampling distribution that is approximately Normal. Check the independence assumption with the Randomization Condition. Check the sample size assumption by ensuring that there are at least 10 "successes" and 10 "failures." OD. The data are assumed to be independent and from a Normal population. Check the independence assumption with the Nearly Normal Condition using a histogram. Check the Normal population assumption with the Randomization Condition.
Expert Solution
steps

Step by step

Solved in 3 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax
College Algebra (MindTap Course List)
College Algebra (MindTap Course List)
Algebra
ISBN:
9781305652231
Author:
R. David Gustafson, Jeff Hughes
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS