imagine that we are interested in 1 bed and 1 bath condos in the pacific heights neighborhood of san francisco. let's say that the empirical distribution of the mean square footage generated via bootstrapping is roughly normal with a mean of 883 sqft and a standard deviation of 270 sqft. what range of square footage values would contain 95% of the data?

Respuesta :

The range of the square footage values for the given mean , standard deviation and  95% confidence interval is equal to (1257.26 , 508.74).

As given in the question,

Sample size 'n' = 2

Sample mean '[tex]\bar{x}[/tex]' = 883 sq ft

Standard deviation 'σ' = 270 sq ft

95% confidence interval.

95% confidence interval = 1 - 0.95

                                        = 0.05

Critical value for 95% is [tex]Z_{0.05}[/tex] = 1.96

Population mean for the given confidence interval is given by :

= [tex]\bar{x}[/tex] ± [tex]Z_{0.05}[/tex] (σ / √n)

= 883 ± 1.96 ( 270 / √2)

= 883 ± 374.26

= ( 1257.26 , 508.74 )

Therefore , the range of the square footage values for the 95% confidence interval is equal to ( 1257.26 , 508.74 ).

Learn more about confidence interval here

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