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

Question

realtor has 20 residential listings under contract. The following table shows the number of days each 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 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 44 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 5.1 (Type an integer or a decimal) d. How does increasing the sample size affect the sampling error? 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 sampling error larger. ° C. In general, increasing the sample size makes the sampling error smaller. e. Using a sample of size 5, what is the largest sampling error that can be observed from this population? The largest sampling error for the given dáta using a sample of size 5 is (Type an integer or a decimal.) Click to select your answer(s).

Explanation / Answer

Solution: Given data set

24 20 3 19 30 20 45 50 55 22

45 53 46 14 40 15 39 64 20 76

Mean : 35

b) Taking 5 homes from first row as sample

24 20 3 19 30

Mean : 19.2

Sampling Error = Sample mean -Population mean

= 19.2-35

= -15.8 (Negative Sampling error)

Which means it below the population mean

c)  Taking 10 homes from first row as sample

24 20 3 19 30 20 45 50 55 22

mean= 28.8

Sampling Error = Sample mean -Population mean

= 28.8 -35

= -6.2(Negative Sampling error but better than the previous sampling error for 5 samples )

d) C is the correct option

In general , increasing the sample size makes the sampling error smaller.

e) The largest sampling error for the given data using a sample size of 5 is 24.6=25

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