The mean value of land and buildings per acre from a sample of farms is $1200, w

Question

The mean value of land and buildings per acre from a sample of farms is $1200, with a standard deviation of $200. The data set has a bell-shaped distribution. Assume the number of farms in the sample is 73.

a) Use the empirical rule to estimate the number of farms whose land and building values per acre are between

$800

and

$1600.

(b) If

2424

additional farms were sampled, about how many of these additional farms would you expect to have land and building values between

$800

per acre and

$1600

per acre?

Explanation / Answer

a) Since 800 = 1200-2*200

1600= 1200+2*200

SO, by empirical rule 95.5% of of farms whose land and building values per acre are between 800 acre and 1600 acre

95.5% of 73 = 70

So, 70 no of farms whose land and building values per acre are between 800 acre and 1600 acre

b) 95.5% of 2424 = 0.95*2424= 2314

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