Question
1.For the following questions you will use StatKey to construct bootstrap confidence intervals for the difference in two means. Use the Home Prices (NY vs
1.For the following questions you will use StatKey to construct bootstrap confidence intervals for the difference in two means. Use the "Home Prices (NY vs NJ)" dataset built into StatKey to address the following. StatKey needed: http://www.lock5stat.com/StatKey/
A. Using the percentile method, construct a 95% confidence interval for the difference in the mean home prices in New York and New Jersey. Take at least 5,000 resamples. Don't forget to include a screenshot from StatKey and to identify your answer. [15 points]
B. Using the standard error method, construct a 95% confidence interval for the difference in the mean home prices in New York and New Jersey. You can use the standard error from the bootstrap distribution you constructed in part A. Show all of your work using the equation editor. [15 points]
C. Explain why the confidence intervals you constructed using the percentile method and the standard error method are not exactly the same. In other words, why may we expect answers in parts A and B to be slightly different? [5 points]
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