The following data represent the asking price of a simple random sample of homes

Question

The following data represent the asking price of a simple random sample of homes for sale Construct a 99% confidence interval with and without the outlier included. Comment on the effect the outlier has on the confidence interval. Click the icon to view the table of areas under the t-distribution. (a) Construct a 99% confidence interval with the outlier included. ($ $) (Round to the nearest integer as needed.) (b) Construct a 99% confidence interval with the outlier removed. ($ $) Round to the nearest integer as needed.) (c) Construct a 90% interval with the outlier removed. ($ $) (Round to the nearest integer as needed.) (d) Construct a 90% confidence level withthe outlier included. ($ $) (Round to the nearest integer as needed.) (e) Comment on the effect the outlier has on the confidence interval. The outlier caused the width of the confidence interval to increase The outlier had no effect on the width of the confidence interval. The outlier caused the w

Explanation / Answer

From statistical software outputs,

a) Outlier included: ($ 159780, $ 312920)

b) Outliers excluded: ($ 167572, $ 264483)

c) Outliers removed: ($ 188316, $ 243738)

d) Outliers included: ($ 192075, $ 280625)

e) The outlier caused the width of the interval to increase.

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