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A Computer Package Was Used to Generate the Following Printout X=X =

Question 134

Multiple Choice

A computer package was used to generate the following printout for estimating the mean sale price of homes in a particular neighborhood.

X=X = sale_price

SAMPLE MEAN OF X=46,400X = \quad 46,400
SAMPLE STANDARD DEV =13,747= 13,747
SAMPLE SIZE OF X =15= \quad 15
CONFIDENCE =90= \quad 90

UPPER LIMIT =52,650.6= 52,650.6
SAMPLE MEAN OF X =46,400= \quad 46,400
LOWER LIMIT =40,149.4= 40,149.4

Which of the following is a practical interpretation of the interval above?


A) 90% of the homes in this neighborhood have sale prices that fall between $40,149.40 and $52,650.60.
B) We are 90% confident that the true sale price of all homes in this neighborhood fall between $40,149.40 and $52,650.60.
C) We are 90% confident that the mean sale price of all homes in this neighborhood falls between $40,149.40 and $52,650.60.
D) All are correct practical interpretations of this interval.

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