A realtor has 20 residential listings under contract. The following table the nu

Question

A realtor has 20 residential listings under contract. The following table the nunber of days each of these 20 houses has beta on the market or today Use the data to complete parts a though c below 21 20 3 15 35 20 42 53 55 22 42 51 46 12 45 14 39 65 20 78 a. Calculate the mean for this population b. Calculate the sampling error using the first 5 homes in the first row as your sample. The sampling ma for the first 5 homes is c. Calculate the sampling error using all 10 homes in the first row as your sample. The sampling error for the first 10 homes is

Explanation / Answer

Solutions:

Part a)

The formula for mean is given as below:

Mean = total sum / sample size =

Mean = 698/20 = 34.9

µ = 34.9               

Part b)

The formula for standard error is given as below:

Standard error = standard deviation / sqrt(n)

We are given a sample of first five observations

This means we have sample size = n = 5

Standard deviation for first five observations = 11.54123

Now, plug these values in the formula for standard error and find the value for standard error given as below:

Standard error = 11.54123/sqrt(5) = 5.161395

Part c)

The formula for standard error is given as below:

Standard error = standard deviation / sqrt(n)

We are given a sample of first ten observations

This means we have sample size = n = 10

Standard deviation for first five observations = 17.00457

Now, plug these values in the formula for standard error and find the value for standard error given as below:

Standard error = 17.00457/sqrt(10) = 5.377319

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