The question below is found in the \" Statistical Techniues in Business and Econ

Question

The question below is found in the "Statistical Techniues in Business and Economics" book,  13th edition; Author: Douglas A. Lind, William G. Marchal, Samuel A Wathen.

 The only data is listed below; this is all I have to go on. Listed below is exactly how it's found in the book

Chapter 3 excerise # 87
Refer to the Real Estate data, which reports information on homes sold in the Denver, Colorado, area last year.
a. Select the variable selling price .
a. Find the mean, median, and the stand deviation.
b. Write a brief summary of the distribution of selling prices.
b. Select the vaiable referring to the area of the home in square feet.
a. Find the mean, median, and the standard deviation.
b. Write a brief summary of the distribution of the area of homes.

Explanation / Answer

mean=sum of all selling prices/105=221.1

median=213.6. (Sort hte selling price from lowest to highest, the middle value is 213.6)

standard deviation=sqrt(((263.1-221.1)^2+(182.4-221.1)^2+...+(188.3-221.1)^2)/105)=47

2. From above graph, we see that selling price is approximately a normal distribution, with mean 221.1 and standard deviation 47.

b. 1. mean=sum of all home area/105=2224

median=2220. (Sort hte home area from lowest to highest, the middle value is 2220)

standard deviation=sqrt(((2300-2224)^2+(2100-2224)^2+...+(2300-2224)^2)/105)=229

2. From above graph, we see that home area is approximately a normal distribution, with mean 2224 and standard deviation 229.

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