Question

1. A government report on housing costs says that single-family home prices nationwide have a mean selling price of $235,700. We want to see how home prices in B County compare with those nationwide. A. A 90% confidence interval for the mean price of a sample of randomly chosen homes in B County is $233,954 < μ < $246,046. Does this interval provide evidence that single-family home prices are unusually high in B County? Explain. B. Suppose we want to collect a new sample. How many homes must we sample to have 90% confidence of estimating the mean local price to within $2,000? Assume the standard deviation is known to be approximately $25,500.

          1. A government report on housing costs says that
single-family home prices nationwide have a mean selling price of
$235,700. We want to see how home prices in B County compare with
those nationwide.
    A. A 90% confidence interval for the
mean price of a sample of randomly chosen homes in B County is
$233,954 < μ < $246,046. Does this interval provide evidence
that single-family home prices are unusually high in B County?
Explain.
    B. Suppose we want to collect a new
sample. How many homes must we sample to have 90% confidence of
estimating the mean local price to within $2,000? Assume the
standard deviation is known to be approximately
$25,500.

Added by Scott H.

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