The following data represent the asking price of a simple random sample of homes

Question

The following data represent the asking price of a simple random sample of homes for sale. Assume that we are sampling from a normal population. Construct a 99% confidence interval for the population average asking price with and without the outlier included. Comment on the effect the outlier has on the confidence interval. Do not target to click on the double rectangle icon to open the data in Stat Crunch for your summary statistics (a) Construct a 99% confidence interval with the outlier included. $ to $ (b) Construct a 99% confidence interval with the outlier removed. $ to $ (c) Comment on the effect the outlier has on the confidence interval. The outlier caused the width of the confidence interval to increase. The outlier caused the width of the confidence interval to decrease

Explanation / Answer

a, with outliers

(161776.9,313306.4)

b, without outliers

(169918.7,264735.9)

c, The outlier caused the width of the confidence interval to incrrease.

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