Housing Costs a Government Report on Housing Costs Says That

question 41

Essay

Housing costs A government report on housing costs says that single-family home prices
nationwide are skewed to the right, with a mean of $235,700. We want to see how home
prices in Orange County, California compare with those nationwide.
a. We collect price data from a random sample of 50 homes in Orange County, California.
Why is it okay to use these data for inference even though the population is skewed?
b. The standard deviation of the 50 homes in our sample was $25,500. Specify the sampling
model for the mean price of such samples.
c. This sample of randomly chosen homes produced a 90% confidence interval for the
mean price in Orange County of ($233954, $246046). Does this interval provide evidence
that single-family home prices are unusually high in this county? Explain briefly.
d. Suppose we want to collect a new sample. How many homes must we survey to have
90% confidence of estimating the mean local price to within $2000?

---

Definitions:

Trademark Registration

The process of legally registering a trademark to secure exclusive rights to use it for specific goods or services.

Doctrine of Works

A principle or belief emphasizing the importance of one's conduct or actions in determining their moral standing or justification, typically within religious contexts.

Copyright Law

A legal framework that grants authors, artists, and creators certain exclusive rights to their original works for a specific period of time, protecting against unauthorized use.

Anti-Counterfeiting Amendments Act

Legislation aimed at strengthening laws to combat counterfeit goods and infringement of intellectual property rights.