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Math Help - statistics help

  1. #1
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    statistics help

    CREA puts the average price at which a house was sold in Canada in 2010 at $339,100. Let us assume that the standard deviation of the house prices is $134,216. Suppose you had done a survey of a random selection of 36 house sale prices in 2010 and obtained an average house price of $368,533

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    Last edited by dumbledore; November 30th 2012 at 05:45 PM.
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  2. #2
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    Re: statistics help

    Quote Originally Posted by dumbledore View Post
    CREA puts the average price at which a house was sold in Canada in 2010 at $339,100. Let us assume that the standard deviation of the house prices is $134,216. Suppose you had done a survey of a random selection of 36 house sale prices in 2010 and obtained an average house price of $368,533
    What is the chance that such a survey would have resulted in an average price this high or higher.

    Can someone please help me on where to start with this problem.
    P\left(X>368533\right) = 1 - P\left(X\leq368533\right)

    How do you switch from P\left(X\leq \text{whatever}\right) to P\left(Z\leq\text{whatever}\right)?

    Hint: Z=\frac{X-\mu}{\sigma/\sqrt{n}}
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  3. #3
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    Re: statistics help

    I get z=1.32. Is that the answer?
    Last edited by dumbledore; November 30th 2012 at 05:17 PM.
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  4. #4
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    Re: statistics help

    Quote Originally Posted by dumbledore View Post
    I get z=1.32. Is that the answer?
    It is not the "answer" to the problem, but it is the value in the Z-table that you will look up.

    The answer is 1 - P(Z\leq1.32) \approx 1 - 0.9066 = 0.0934.
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  5. #5
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    Re: statistics help

    Also, for these types of problems, ask yourself if the answer makes sense. Use 68-95.5-99.7 as a guideline.
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