The data for a sample showing the average and median housing prices for selected

Question

The data for a sample showing the average and median housing prices for selected areas in a country in November 2007 and November 2008 is given in the accompanying table. Assume the data can be viewed as samples of the relevant populations. Complete parts a through d below. Click the icon to view the table of median and average house prices. a. Discuss whether the two samples are independent or dependent. A. The samples are independent. B. The data consists of both the average and median selling prices for the same houses. Knowing the median selling price would make it more likely that the mean selling price would be known. The samples are independent. C. The data consists of both the average and median selling prices for the same houses. Knowing the median selling price would make it more likely that the mean selling price would be known. The samples are O D. b. Based on your answer to part a, calculate a 90% confidence interval or the difference between the means of the average and median selling prices or houses during November 2007. dependent. There is insufficient information to determine if the samples are independent. ) (Round to the nearest integer as needed.)

Explanation / Answer

The statistical software output for this problem is:

Paired T confidence interval:
D = 1 - 2 : Mean of the difference between Nov 2007 Mean and Nov 2007 Median
90% confidence interval results:

Hence,

90% confidence interval is:

(68665, 82895)

Difference Mean Std. Err. DF L. Limit U. Limit Nov 2007 Mean - Nov 2007 Median 75780 3881.3171 9 68665.107 82894.893

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