Concept explainers
a.
Check whether it is appropriate to use the large sample confidence interval for the population proportion to estimate the proportion of residential properties successfully sold at auction and explain the reason.
b.
Check whether it is appropriate to use the bootstrap confidence interval for the population proportion to estimate the proportion of residential properties successfully sold at auction and explain the reason.
c.
Obtain the 95% confidence interval for the proportion of residential properties successfully sold at auction and interpret it.
d.
Check whether the success rate for properties sold at auction throughout Country U during one stretch a year earlier (72%) fall within the bootstrap confidence interval in part (c) and explain what does this indicate.
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Introduction To Statistics And Data Analysis
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