-12 points 0/2 Submissions Used y Note The mayor of a large city would like to p

Question

-12 points 0/2 Submissions Used y Note The mayor of a large city would like to portray the city as place with affordable housing. City officials take a sample of 136 houses and find an average selling price of $219,000 with a standard deviation of $7,865 (a) What is the standard error of the average house price for a sample of 136 houses? 674.4182 (Use 4 decimals.) (b) A certain family moving into this area budgeted $206,000 for a house. For this particular neighborhood, housing prices are roughly symmetric and unimodal. What is the probability they can actually find a house in this city for less than $206,000? (Use 4 decimals.) (c) If th house price greater than $220,000 e mayor's office takes another sample of 136 houses, what is the probability this sample will show an average (Use 4 decimals.) Submit Answer Save Progress

Explanation / Answer

Mean = 219000

Sd = 7865

B) P(X < 206000) = P((X - mean) /sd < (206000-219000)/7865)

= P(Z < - 1.65)

= 0.0495

C) P(X bar > 220000) = P((X bar - mean) /(sd/sqrt(n)) > (220000 - 219000)/(7865/sqrt(136))

= P(Z > 1.48)

= 1 - P(Z < 1.48)

= 1 - 0.9306

= 0.0694

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