A real estate agent would like to estimate the true mean value of all houses in Winnipeg. Suppose it is known that the standard deviation of house values in Winnipeg is $52,480.
(a) What sample size is required to estimate the true mean house value in Winnipeg to within $14,000 with 95% confidence.
(b) What sample size is required to estimate the true mean house value in Winnipeg to within $14,000 with 99% confidence.
(c) What sample size is required to estimate the true mean house value in Winnipeg to within $3,500 with 95% confidence.
(d) Suppose it is known that the city of Saskatoon has one third as many houses as Winnipeg. Also suppose that the standard deviation of house values in Saskatoon is the same as in Winnipeg. What sample size would be required to estimate the true mean house value in Saskatoon to within $14,000 with 95% confidence?