14.12 House prices and age For the House Selling Prices OR data file on the book’s website, the output shows the result of conducting an ANOVA comparing mean house selling prices (in $1000) by Age Category (New = 0 to 24 years old, Medium = 25 to 50 years old, Old = 51 to 74 years old, Very Old = 75 + years old ). It also shows a summary table of means and standard deviations of the selling prices, by age group.

a. Using information given in the tables, show how to construct a 95% confidence interval comparing the population means of new and medium-aged houses.

b. Interpret the confidence interval.

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Age N Mean StDev New 78 305.8 125.9 Medium 72 242.8 79.3 Old 37 217.5 85.4 Very Old 13 316.3 195.4 Source DF SS MS F P Age Condition 3 281852 93951 7.70 0.000 Error 196 2387017 12179 Total 199 2668870