please answer the highlited portion.

Thanks
Transcribed Image Text:Describe the Confidence Interval 1. In two to three complete sentences, explain what a confidence interval means (in general), as if you were talking to someone who has not taken statistics. 2. In one to two complete sentences, explain what this confidence interval means for this particular study. Use the Data to Construct Confidence Intervals 1) Using the given information, construct a confidence interval for each confidence level given. Confidence level EBM/Error Bound Confidence Interval 50% 80% 95% 99% Table8.6 2) What happens to the EBM as the confidence level increases? Does the width of the confidence interval increase or decrease? Explain why this happens.
Transcribed Image Text:3STATS LAB 8.1: Confidence Interval (Home Costs) 1. Save the File with your Name in it, i.e. TEysterW11 Lab.docx 2. Make sure it is a Word Doc or PDF file to ensure readability. 3. Answer all parts in complete sentences and show all work or explain how you got the values. Find the 90% Confidence Interval (can be one of the others from the final section) 1. Calculate the confidence interval and the error bound. Confidence Interval: Student Learning Outcomes The student will calculate the 90% confidence interval for the mean cost of a home in the area in which this school is located. Error Bound: The student will interpret confidence intervals. The student will determine the effects of changing conditions on the confidence interval. 2. How much area is in both tails (combined)? (remember what the area is!) a = 3. How much area is in each tail? a/2 = Collect the Data: Check https://www.realtor.com/ for the sale prices of homes in your zip code. Record the sale prices for 35 randomly selected homes recently listed in the county. 4. Fill in the blanks on the graph with the area in each section. Then, fill in the number line with the upper and lower limits of the confidence interval and the sample mean. 1. Complete the table: 374,900 270,000 252,500 26500 284,900 C.L. = Type answers from chart 399,00 33,900 335,000 309,900 595,000 CL = 449,900 280,00 389,900 420,000 485,000 a/2 = lower limit = 338,800 949,900 317,400 415,00 334,00 sample mean = 795,00 584,072 2,740,00 414,999 342,900 upper limit = 408,900 367,400 750,000 314,600 344,000 1.650.000 326.900 375.600 370.000 485.900 Table8.5 Figure 8.6 Describe the Data 5. Some students think that a 90% confidence interval contains 90% of the data. 1. Compute the following: Use the list of data on the first page and count how many of the data values lie within the confidence interval. a. mean = 380116 b. standard deviation =_295161 n= 35 What percent is this? c. 2. In words, define the random variable X Is this percent close to 90%? Explain why this percent should or should not be close to 90%. 3. State the estimated distribution to use. Use both words and symbols.

Question

please answer the highlited portion. Thanks Describe the Confidence Interval1. In two to three complete sentences, explain what a confidence interval means (in general), as if youwere talking to someone who has not taken statistics.2. In one to two complete sentences, explain what this confidence interval means for this particular study.Use the Data to Construct Confidence Intervals1) Using the given information, construct a confidence interval for each confidence level given.Confidence levelEBM/Error BoundConfidence Interval50%80%95%99%Table8.62) What happens to the EBM as the confidence level increases?Does the width of the confidence interval increase or decrease?Explain why this happens. 3STATS LAB 8.1: Confidence Interval (Home Costs)1. Save the File with your Name in it, i.e. TEysterW11 Lab.docx2. Make sure it is a Word Doc or PDF file to ensure readability.3. Answer all parts in complete sentences and show all work or explain how you got the values.Find the 90% Confidence Interval (can be one of the others from the final section)1. Calculate the confidence interval and the error bound.Confidence Interval:Student Learning OutcomesThe student will calculate the 90% confidence interval for the mean cost of a home in the area in whichthis school is located.Error Bound:The student will interpret confidence intervals.The student will determine the effects of changing conditions on the confidence interval.2. How much area is in both tails (combined)? (remember what the area is!) a =3. How much area is in each tail? a/2 =Collect the Data: Check https://www.realtor.com/ for the sale prices of homes in your zip code. Record the saleprices for 35 randomly selected homes recently listed in the county.4. Fill in the blanks on the graph with the area in each section. Then, fill in the number line with the upperand lower limits of the confidence interval and the sample mean.1. Complete the table:374,900270,000252,50026500284,900C.L. =Type answers from chart399,0033,900335,000309,900595,000CL =449,900280,00389,900420,000485,000a/2 =lower limit =338,800949,900317,400415,00334,00sample mean =795,00584,0722,740,00414,999342,900upper limit =408,900367,400750,000314,600344,0001.650.000326.900375.600370.000485.900Table8.5Figure 8.6Describe the Data5. Some students think that a 90% confidence interval contains 90% of the data.1. Compute the following:Use the list of data on the first page and count how many of the data values lie within theconfidence interval.a.mean = 380116b. standard deviation =_295161n= 35What percent is this?c.2. In words, define the random variable XIs this percent close to 90%?Explain why this percent should or should not be close to 90%.3. State the estimated distribution to use. Use both words and symbols.

Accepted Answer

Confidence Interval :
A random sample from a population is taken to study the characteristics of…