A large costruction firm has 120 houses in various stages of completion. For estimation of the total dollar amount to be listed as inventory of construction in progress, a simple random sample of 12...

Extracted text: A large costruction firm has 120 houses in various stages of completion. For estimation of the total dollar amount to be listed as inventory of construction in progress, a simple random sample of 12 of these houses is selected and accumulated costs determined on each. Assume the following costs were obtained for the 12 sample houses: 15500 10200 8900 16400 9800 6400 12200 14100 12600 18000 18200 7500 a) Estimate the mean accumulated cost per house and place a bound on the error of estimation. b) Determine the sample size required to estimate the population mean with a bound on the error of estimation of 2500 c) Estimate the total accumulated costs for the 120 houses and place a bound on the error of estimation. d) Determine the sample size required to estimate the total accumulated costs for the 120 houses with a bound on the error of estimation of 300000.