You hope to rent an unfurnished one-bedroom apartment in Dallas next year. You call a friend who lives there and ask him to give you an estimate of the mean monthly rate. Having recently taken a statistics course, your geeky friend asks about the desired margin of error and confidence level for the estimate. He also tells you that the standard deviation of monthly rents for one-bedrooms is $360. Explain why in either case your geeky friend's sample may result in a bigger margin of error than desired. A bigger margin of error might result due to rounding a smaller guessed value for the population standard deviation sg smaller confidence interval a larger sample size

You hope to rent an unfurnished one-bedroom apartment in Dallas next year. You call a friend who lives there and ask him to give you an estimate of the mean monthly rate. Having recently taken a statistics course, your geeky friend asks about the desired margin of error and confidence level for the estimate. He also tells you that the standard deviation of monthly rents for one-bedrooms is $360. Explain why in either case your geeky friend's sample may result in a bigger margin of error than desired. A bigger margin of error might result due to rounding a smaller guessed value for the population standard deviation sg smaller confidence interval a larger sample size

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter2: Mathematics For Microeconomics

Section: Chapter Questions

Problem 2.16P

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