A Computer Package Was Used to Generate the Following Printout

question 101

Essay

A computer package was used to generate the following printout for estimating the mean sale price of homes in a particular neighborhood.

$\begin{array}{rl}X=&\text { saleprice }\\\\\text {SAMPLE MEAN OF X} =&46300 \\\text {SAMPLE STANDARD DEV } =&13747 \\ \text {SAMPLE SIZE OF X} =&25 \\\text {CONEIDENCE}=& 90 \\\\\text { UPPER LIMIT }= & 51003.90 \\\text { SAMPLE MEAN OF X }= & 46300 \\\text { LOWER LIMIT }= & 41596.10\end{array}$

A friend suggests that the mean sale price of homes in this neighborhood is $47,000. Comment on your friend's suggestion.

---

Definitions:

Standard Deviation

A statistical index that quantifies the spread or dispersion of a dataset relative to its mean, indicating how spread out the data points are.

Simple Random Sample

A sampling method where each member of the population has an equal chance of being selected, minimizing bias and ensuring representativeness.

Histogram

A graphical representation of the distribution of numerical data, often used to visualize the shape, spread, and central tendency of data.

Distribution

In statistics, the arrangement of values of a variable showing their observed or theoretical frequency of occurrence.