Homework SourseThe following data represent the asking price of a simple ra
The following data represent the asking price of a simple random sample of home for sales. Construct a 99% confidence interval with and without the outlier included. Comment the effect the outlier has on the confidence interval.
Construct a 99% confidence interval with the outlier included
($____, $______)
(Round to the nearest integer as needed.)
219,500
| The following data represent the asking price of a simple random sample of home for sales. Construct a 99% confidence interval with and without the outlier included. Comment the effect the outlier has on the confidence interval. Construct a 99% confidence interval with the outlier included ($____, $______) (Round to the nearest integer as needed.) 219,500 |
| 143,000 |
| 459,900 |
| 216,900 |
| 279,900 |
| 205,800 |
| 199,900 |
| 147,800 |
| 219,900 |
| 242,900 |
| 187,500 |
| 264,900 |
Solution
Observe the data and find that there are no outliers
Find mean and std dev
Total number =12
Mean = 232325
STd dev = 78883.45
Margin of error = ±58656
Conf interval = (173669.01 , 290980.99)
=(173669, 290981)
