Question

You want to study housing costs in the country by sampling recent house sales in various (representative) regions. Your goal is to provide a 95% confidence interval estimate of the housing cost. Previous studies suggest that the population standard deviation is about $11955. What sample size (at a minimum) should be used to ensure that the margin of error of the estimate is 995 )? Round your sample size to the nearest whole number. Answer:

Name: you want to study housing costs in the country by sampling recent house sales in various representative regions your goal is to provide a 95 confidence interval estimate of the housing cost 73259
Uploaded: 2022-07-29T13:46:45-08:00
Duration: 2 min 1 s
Channel: Christopher Dzorkpata
Description: you want to study housing costs in the country by sampling recent house sales in various representative regions your goal is to provide a 95 confidence interval estimate of the housing cost 73259

          You want to study housing costs in the country by sampling
recent house sales in various (representative) regions. Your goal
is to provide a 95% confidence interval estimate of the housing
cost. Previous studies suggest that the population standard
deviation is about $11955. What sample size (at a minimum) should
be used to ensure that the margin of error of the estimate is 995
)? Round your sample size to the nearest whole number.
Answer:

Added by Michelle C.

Elementary Statistics a Step by Step Approach

Allan G. Bluman 9th Edition

Instant Answer

Solved by Expert Christopher Dzorkpata

07/29/2022

Step 1

Given that the confidence level is 95%, the alpha value is 1 - 0.95 = 0.05. Dividing by 2, we get 0.025. Looking up the z-value for 0.025 in the standard normal distribution table, we find it to be approximately 1.96. ** Show more…

Show all steps

Thanks for your feedback!

You want to study housing costs in the country by sampling recent house sales in various (representative) regions. Your goal is to provide a 95% confidence interval estimate of the housing cost. Previous studies suggest that the population standard deviation is about $11955. What sample size (at a minimum) should be used to ensure that the margin of error of the estimate is 995 )? Round your sample size to the nearest whole number. Answer: