Author Question: Suppose it is known that the mean purchase price for all homes sold last year in Blacksburg, ... (Read 56 times)

saraeharris · **on:** Jun 24, 2018

Suppose it is known that the mean purchase price for all homes sold last year in Blacksburg, Virginia was 203,455. Recently, two studies were done on home sales prices.

In the first study, a random sample of 200 homes was selected from the population. In the second study, a random sample of 60 homes was selected. Based on this information, we know that the second study would contain more sampling errors than the first study due to the smaller sample size. Indicate whether the statement is true or false

Question 2

The Baker Oil and Gas Company has four retail locations, code-named A, B, C, and D.

The following table illustrates the percentage of total company sales at each store and also the percentage of customers at that store who make purchases with debit cards:

Store Proportion of Total Sales Proportion of Customers Using Debit
A 0.18 0.32
B 0.30 0.19
C 0.41 0.18
D 0.11 0.40

Based on this information, the probability that a customer will use a debit card is just slightly greater than 0.23.
Indicate whether the statement is true or false