The house values (in thousands of dollars) for samples of homes from three Calga
ID: 3048596 • Letter: T
Question
The house values (in thousands of dollars) for samples of homes from three Calgary
neighbourhoods are recorded. Some summary statistics are shown in the table below:
# of homes min. Q1 med. Q3 max. mean std. dev.
Evergreen: 180 160 300 355 480 615 367 122
Royal Oak: 153 250 495 630 715 820 581 160
McKenzie Lake: 174 170 320 370 400 590 355 89
6. What is the mean value of all homes in the samples from all three neighbourhoods
combined?
(A) $438,704
(B) $440,928
(C) $434,333
(D) $443,136
(E) $427,462
PLEASE POST FULL SOLUTION, I KNOW THE ANSWER BUT I JUST DONT KNOW HOW TO GET TO THAT ANSWER.
Explanation / Answer
Sum of house values = Number of houses * Mean of house values
Sum of house values for Evergreen = 180 * 367
Sum of house values for Evergreen = 153 * 581
Sum of house values for Evergreen = 174 * 355
The total sum of all houses = (180 * 367 + 153 * 581 + 174 * 355)
=> Mean of all houses = Total sum of all houses / Total number of houses
= (180 * 367 + 153 * 581 + 174 * 355) / (180 + 153 + 174)
= 427.462
Expressing in thousands of dollars
= $427,462.
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