Project #9755 - Statistic

The following data are monthly rents (in dollars) of studio and one-bedroom apartments in Harrisburg, Pennsylvania, in 2007, obtained from a random sample of such apartments advertised at rent.com in July 2007: 

500, 549, 569, 575, 585, 600, 630, 680, 705, 790

 

The mean of these ten rent prices is $618.3, and the standard deviation is $85.3.

1. Determine the standard error of the sample mean.

 

2. Describe what the population mean µmeans in this context.

 

3. Determine a 95% confidence interval for µ.

 

4. Write a sentence interpreting what this interval means.

 

5. Would you expect about 95% of the studio and one-bedroom apartments in Harrisburg in July 2007 to have a rent price within this interval? Explain.

Subject Mathematics
Due By (Pacific Time) 07/27/2013 12:00 am
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