A Realtor Collected the Following Data for a Random Sample

question 61

Essay

A realtor collected the following data for a random sample of ten homes that recently sold in her area. $$\begin{array} { | c | c | c | } \hline \text { House } & \text { Asking Price } & \text { Days on Market } \\\hline \text { A } & \$ 114,500 & 29 \\\hline \text { B } & \$ 149,900 & 16 \\\hline \text { C } & \$ 154,700 & 59 \\\hline \text { D } & \$ 159,900 & 42 \\\hline \text { E } & \$ 160,000 & 72 \\\hline \text { F } & \$ 165,900 & 45 \\\hline \text { G } & \$ 169,700 & 12 \\\hline \text { H } & \$ 171,900 & 39 \\\hline \text { I } & \$ 175,000 & 81 \\\hline \text { J } & \$ 289,900 & 121 \\\hline\end{array}$$ a. Find a 90% confidence interval for the mean number of days on the market for all houses listed at $150,000. b. Suppose a house has just been listed at $150,000. Find a 90% prediction interval for the number of days the house will be on the market before it sells.

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Definitions:

Isotonic

A solution having the same osmotic pressure as some other solution, typically that of a cell or body fluid, which prevents net movement of water across membranes.

Net Movement

The overall transfer or migration of substances or particles from one location to another, often described in terms of direction and magnitude.

Water

A transparent, tasteless, odorless, and nearly colorless chemical substance that is the main constituent of Earth's hydrosphere and the fluids of all known living organisms.

Plasmolysis

The process in which plant cells lose water in a hypertonic solution, causing the cell membrane to detach from the cell wall.