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Mathematics Clinic => Statistics => Topic started by: Charlie on Jan 16, 2020

Title: The table shows the monthly rents (in dollars) for 10 studio apartments selected randomly from all ...
Post by: Charlie on Jan 16, 2020
The table shows the monthly rents (in dollars) for 10 studio apartments selected randomly from all studio apartments in one city.  

950 840 1330   1020 1180
880       990          760         1250              825

Explain the algorithm in using the bootstrap method with 1000 resamples to obtain a 90% confidence interval for the mean monthly rent of all studio apartments in the city.
Title: The table shows the monthly rents (in dollars) for 10 studio apartments selected randomly from all ...
Post by: bpool94 on Jan 16, 2020
The sample data is treated as the population. A computer is used to obtain 1000 independent resamples of size n = 10 with replacement from the sample data.  For each resample, the sample mean is obtained. The lower bound of the confidence interval is the 5th percentile of the 1000 sample means and the upper bound is the 95th percentile of the 1000 sample means.
Title: Re: The table shows the monthly rents (in dollars) for 10 studio apartments selected randomly from a
Post by: Ashley Clarke on Mar 26, 2023
Thank you!