Problem
According to a survey performed by a real estate institute at USC, the sample mean rent in 2003 was $1,300 for Los Angeles County and $1,260 in Orange County. Assume the survey sampled 250 rents in each county. Also assume the standard deviation in rents was $350 in Los Angeles County and $450 in Orange County.
a. Calculate a 95% confidence interval for the population mean rent for Los Angeles. Interpret.
b. Calculate a 95% confidence interval for the population mean rent for Orange County. Interpret.
c. Interpret the 95% confidence level.
d. Is there a good chance that the population mean rent in Orange County is higher than that in Los Angeles County? Explain.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.