Do Homework-Tyrone Lemons INSS 220.W11(Analyt Dec-Making for BUS and MGMT SUMMER

Question

Do Homework-Tyrone Lemons INSS 220.W11(Analyt Dec-Making for BUS and MGMT SUMMER 1 2018 Homework: Module 2 Homework Chapter 3 Score: 0 of 2 pts 8 of 10 3.3.26 Assume the average selling price for houses in a certain county is $372,000 with a standard deviation of $36,000. a) Determine the coeficient of variation. b)Caolate tho zworo for a house that sols fr?62.00 c)Using the Emprical Rulo, determine tho range of prices eat includes 68% ofthe homes around the moat d)Using Cebychew's Theorem, determine the range of proes tat inddes at least 95% of te homes around the mean. a) Determine the coefficient of variation cv.97% (Round to one doom" place as needed) b)Calaite ?? e zworo lor a house that sels for$382,000. z-28 (Round to twe decimal places as needed) c)Uningthe Emprical Rule, determine the range of poes that includes 68% of the homes around the mean. upper bound x$ 408000 lower bound x $ 336000 (Round to the nearest doliar as needed.) d)Using Chebyhe's Theorem, delemno t e tange of prices that includes at least 96% ofthhe homes around the ower bound x Round to the nearest dollar as needed) A parts

Explanation / Answer

Solution:-

a) CV = SD/Average = 36000/372000 = 9.7%

b) Z - score for $362000 = (362000 - 372000)/36000 = 0.28

c) By empirical rule, 95% of data lies between two standard deviation from the mean. Hence,

Range of prices = (372000 - 36000) to (372000 + 36000) i.e. 336000 to 408000

d) By Chebyshev's theorem, at least 95% of the data lies between 2.5 standard deviation from the mean. Hence,

Range of prices = (372000 - 2.5*36000) to (372000 + 2.5*36000) i.e. 282000 to 462000

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