Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 30 Dec 2017 My Price 6.00

home in Topanga,

Housing prices. A housing survey was conducted to determine the price of a typical home in Topanga, CA. The mean price of a house was roughly $1.3 million with a standard deviation of $300,000. There were no houses listed below $600,000 but a few houses above $3 million.

(a) Is the distribution of housing prices in Topanga symmetric, right skewed, or left skewed?

(b) Would you expect most houses in Topanga to cost more or less than $1.3 million?

(c) Can we estimate the probability that a randomly chosen house in Topanga costs more than $1.4 million using the normal distribution?

(d) What is the probability that the mean of 60 randomly chosen houses in Topanga is more than $1.4 million?

(e) How would doubling the sample size affect the standard deviation of the mean?

 

Answers

Maurice Tutor
(5)
Status NEW Posted 30 Dec 2017 09:12 PM My Price 6.00

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