Statistics-The economy suffered significantly during 2008
QUESTION
The economy suffered significantly during 2008. There were a large number of foreclosures of family homes. In one large community, realtors randomly sampled 36 bids from potential buyers to determine the average loss in home value. The sample showed the average loss was $11,560. Suppose it is known that σ = $1500.(a) Find a 80% confidence interval for the mean loss in value per home.(b) Interpret this interval in (a) and explain what 80% confidence means.(c) Is the estimate in part (a) valid? Explain.
ANSWER:
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