Math Problem Statement
A real estate company manages apartment complexes in a certain city. They currently have 24 units available for rent. The monthly rental prices (in dollars) for this population of 24 units are in the accompanying table. Complete parts a through c. 1850 1035 1000 2470 1005 1060 1615 880
1690 965 1500 1030 1450 1100 1460 2500 925 1770 1270 2115 2395 1625 1750 960 Question content area bottom Part 1 a. What is the range of possible sampling error if a random sample of size nequals5 is selected from the population? The possible sampling error ranges from negative 529.83 to 790.17. (Round to two decimal places as needed. Use ascending order.) Part 2 b. What is the range of possible sampling error if a random sample of size nequals10 is selected? The possible sampling error ranges from enter your response here to enter your response here. (Round to two decimal places as needed. Use ascending order.)
Solution
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Math Problem Analysis
Mathematical Concepts
Statistics
Sampling Error
Confidence Intervals
Random Sampling
Formulas
Sampling Error = Z * (Standard Deviation / sqrt(n))
Z-value for 95% confidence level = 1.96
Standard Error = Standard Deviation / sqrt(n)
Theorems
Central Limit Theorem
Empirical Rule
Suitable Grade Level
Undergraduate Level (Statistics or Business Studies)
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