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.

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The Answer of 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.

Suppose It Is Known That the Mean Purchase Price for All