Jeff Bollinger of Prudential Realtors has 20 residential listings under contract. The following table shows the number of days each of these 20 houses has been on the market as of today.
20 21 2 17 35 21 40 54 52 24
40 53 46 10 42 11 37 62 21 76
a) Calculate the mean for this population.
b) Calculate the sampling error using the first 5 homes in the first row as your sample.
c) Calculate the sampling error using all 10 homes in the first row as your sample.
d) How does increasing the sample size affect the sampling error?
e) Using a sample size of 5, what is the largest sampling error that can be observed from this population?