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

Question

A realtor has 20 residential listings under contract. The following table shows the number of days each of these 20 houses has been on the market as of today. Use the data to complete parts a through e below. 24 20 3 19 30 20 45 50 55 22 45 53 46 14 40 15 39 64 20 76 15 a. Caicuiate the mean tor this popuiation. (Type an integer or a decimal.) b. Calculate the sampling error using the first 5 homes in the first row as your sample. The sampling error for the first 5 homes is (Type an integer or a decimal.) 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 Type an integer or a decimal.) d. How does increasing the sample size affect the sampling error? 31 O A. In general, increasing the sample size has no effect on the sampling error O B. In general, increasing the sample size makes the såmpling error larger. O C. In general, increasing the sample size makes the sampling error smaller a sample of size 5, what is the largest sampling error that can be observed from this population?

Explanation / Answer

(a) Mean = 35

(b) Sampling error for first 5 homes = s.d. of first 5 homes/square root of 5 = 4.487761

(c) Sampling error for first 10 homes = s.d. of first 10 homes/square root of 10 = 5.148463

(d) In general, increasing the sample size makes the sampling error larger.

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