Estimate the difference in mean appraised values of family


Discuss the below:

Q: A real estate agency wants to estimate the difference in the appraised values of single-family homes in two communities. A sample of 60 listings in Strongsville and 99 listings in Brunswick yields the following results (in thousands of dollars).

Strongsville, Ohio: sample mean (1)= 191.33
Brunswick, Ohio: sample mean (2)= 172.34

Based on historical data from the northeastern Ohio area, the population variances are known to be 32.60 for Strongsville and 16.92 for Brunswick.

Estimate the difference in the mean appraised values of single-family homes in the two communities, with 95% confidence.

 

Solution Preview :

Prepared by a verified Expert
Basic Statistics: Estimate the difference in mean appraised values of family
Reference No:- TGS01923674

Now Priced at $20 (50% Discount)

Recommended (92%)

Rated (4.4/5)