Question: The Anasazi Real Estate Company has 20 listings for homes in Santa Fe, New Mexico. The number of days each house has been on the market without selling is as follows:
26 45 16 77 33 50 19 23 55 107
88 15 7 19 30 60 80 66 31 17
a. Considering these 20 values to be the population of interest, what is the mean of the population?
b. The company is making a sales brochure and wishes to feature 5 homes selected at random from the list. The number of days the 5 sampled homes have been on the market is
77 60 15 31 23
If these 5 houses were used to estimate the mean for all 20, what would the sampling error be?
c. What is the range of possible sampling error if 5 homes are selected at random from the population?