3. The real estate industry claims that it is the best and most effective system

Question

3. The real estate industry claims that it is the best and most effective system to market residential real estate. A survey of randomly selected home sellers in Illinois found that a 95% confidence interval for the proportion of homes that are sold by a real estate agent is 69% to 81%. Interpret the interval in this context a. We are 95% confident that between 69% and 81% of homes in this survey are sold by a real estate agent D. 95% of all random samples of home sellers in Illinois will show that between 69% and 81% of homes are sold by a real estate agent. C. In 95% of the years, between 69% and 81% of homes in Illinois are sold by a real estate agent d. 95% of all homes in Illinois are sold by a real estate agent e. We are 95% confident that between 69% and 81% of all homes in Illinois are sold by a real estate agent 4. Analysis of a random sample of 250 Virginia nurses produced a 95% confidence interval for the mean annual salary of $42,838

Explanation / Answer

Answer to the question is as follows:

3.

c and d are wrong interpretations. The interpretation would have to be w.r.t confidence.
Hence, a, b and e are potential options.
e is wrong interpreation, the 69% to 81% range is for the event.
a is wrong because it doesn't mention sample
b is correct interpretation.

4. b, c and d are wrong interpretations. a is also a wrong interpretation
e. is correct, the confidence interval is to be interpreted as " we are 95% confident that the true mean salary is within this range)

5. d, c and e are wrong. the inference of the CI is about the population' mean age and it cannot be only 1 sided bound. a is not right because it doesn't refer to the interval as a estimate of population mean.
Hence, b is right

Related Questions

Navigate

• Browse (All)
• Browse 3
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.