A real estate agent wants to know how many owners of homes worth over $1,000,000

Question

A real estate agent wants to know how many owners of homes worth over $1,000,000 might be considering putting their home on the market in the next 12 months. He surveys 47 of them and finds that 12 of them are considering such a move. Are all the assumptions and conditions for finding the sampling distribution of the proportion satisfied? Explain briefly. Choose the correct answer below 0 A. O B. ° C. O D No; since some of the owners of $1,000,000 homes might be friends, if one of them is choosing to sell his house, the other might follow. Therefore, the observations are not independent. Yes; assuming the survey is random, they should be independent. The true proportion is about 0.25, and all other assumptions and conditions are met. No; since the owner of a $1,000,000 home can make much more money selling his house than the average homeowner, the observations are not independent. Yes, assuming the survey is random they should be independent. Although he ue o o onis not known son and ng cannot be checked with, a east successes and at least 10 failures, the Success/Failure Condition can be considered met.

Explanation / Answer

Solution:- p = 12/47 = 0.2553

option D. ?Yes; assuming the survey is? random, they should be independent. Although the true proportion is not known so np and nq cannot be? checked, with at least 10 successes and at least 10? failures, the? Success/Failure Condition can be considered met

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