A real estate company manages apartment complexes in a certain city. They curren

Question

A real estate company manages apartment complexes in a certain city. They currently have 30 units available for rent. The monthly rental prices (in dollars) for this population of 30 units are in the accompanying table. Complete parts a and b below. 475 705 900 790 690 565 565 385 680 560 510 975 780 595 505 985 550 605 795 515 615 825 945 740 405 620 600 960 775 625 a. What is the range of possible sampling error if a random sample of size n -6 is selected from the population? The possible sampling error ranges from to Round to two decimal places as needed. Use ascending order.)

Explanation / Answer

Solution:-

=> population mean = 674.67

=>  first 6 units are : 385,405,475,505,510,515

= mean = 465.83

=>   sampling error = -208.84

=> last 6 units are : 825,900,945,960,975,985

= mean = 931.66

  =>   sampling error =  257

The possible sampling error ranges from -208.84 to   257

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