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Question
A computer package was used to generate the following printout for estimating the sale price of homes in a particular neighborhood.
X = sale_price
SAMPLE MEAN OF X = 46,300
SAMPLE STANDARD DEV = 13,747
SAMPLE SIZE OF X = 35
CONFIDENCE = 90
UPPER LIMIT = 51003.9
SAMPLE MEAN OF X = 46300
LOWER LIMIT = 41596.1
What assumptions are necessary for any inferences derived from this printout to be valid?
A) The sample variance equals the population variance.
B) The sample was randomly selected from an approximately normal population.
C) The population mean has an approximate normal distribution.
D) All of the above are necessary.
Explanation / Answer
All the above
A) The sample variance equals the population variance.
B) The sample was randomly selected from an approximately normal population.
C) The population mean has an approximate normal distribution.
D) All of the above are necessary.
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