QuickHelper

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Category > Accounting Posted 29 Aug 2017 My Price 11.00

Sampling Distributions – Real Estate?, homework help

Question description

 

Use the real estate data that is give in question 1 and 2.

And complete the Sampling Distributions - Real Estate questions 3 and 4.

 

1. Review the data and for the purpose of this project please consider the 100 listing prices as a population.

- Explain what your computed population mean and population standard deviation were.

Answer -

Population mean is an average of 100 listing prices, μ = (Σ * X)/ N = $67,118,514/100 = $671,185.14. The computed population mean for the 100 listing prices was $671,185.14.

Population Standard Deviation is a measure of how spreads out numbers are. Researchers use statistics to estimate parameters, refer to a numerical property of a population. The real estate population Standard Deviation was σ= $274,980.89.

2. Divide the 100 listing prices into 10 samples of n=10 each. Each of your 10 samples will tend to be random if the first sample includes houses 1 through 10 on your spreadsheet, the second sample consists of houses 11 through 20, and so on.

Compute the mean of each of the 10 samples and list them:

Answer-

 

n=10 (Sample 1: listings 1-10)

Mean =

$561,808.90

n=10 (Sample 2: listings 11-20)

Mean =

$602,175.00

n=10 (Sample 3: listings 21-30)

Mean =

$783,299.50

n=10 (Sample 4: listings 31-40)

Mean =

$738,140.00

n=10 (Sample 5: listings 41-50)

Mean =

$842,058.80

n=10 (Sample 6: listings 51-60)

Mean =

$817,098.80

n=10 (Sample 7: listings 61-70)

Mean =

$626,167.60

n=10 (Sample 8: listings 71-80)

Mean =

$671,445.00

n=10 (Sample 9: listings 81-90)

Mean =

$498,889.00

n=10 (Sample 10: listings 91-100)

Mean =

$570,768.80

 

3. Compute the mean of those 10 means.

- Explain how the mean of the means is equal, or not, to the population mean of the 100 listing prices from above.

4. Compute the standard deviation of those 10 means and compare the standard deviation of the 10 means to the population standard deviation of all 100 listing prices.

- Explain why it is significantly higher, or lower, than the population standard deviation.

For additional information use the attachment as reference.

Attachments:

Answers

QuickHelper
(10)
Status NEW Posted 29 Aug 2017 06:08 PM My Price 11.00

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