MATH201 -Far from Average Assignment- Felice White
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School
Bryant and Stratton College, Buffalo *
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Course
201
Subject
Mathematics
Date
Jun 2, 2024
Type
xlsx
Pages
8
Uploaded by DoctorWaterAlpaca37
Far from A
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MATH201 Far from Averag
You've decided to take the leap and buy a home! Go t
State. Choose a minimum home price. Enter a maximum
minimum home price. Search for fifteen 'For Sale' home
belo
16
Calculate the value
Show your w
Mean for your dat
Median for your d
Mode for your dat
Range for your da
94,999-5
Mean for your dat
Median for your d
Mode for your dat
Range for your da
Mean for your dat
Median for your d
Mode for your dat
Range for your da
89,500+80,000+94,900+87,000+74,900+89,500+59
99+74,000+92,00
55,000, 59,900, 74,000, 74,900, 80,000, 80,000, 85,0
94,900, 55,000, 59,900, 74,000, 74,900, 80,000, 80,000, 85,0
94,900, Verify the statistics you computed above
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Now suppose you inherit a $1,000,000 home from a long
the mean, median, mode and range us
Review the sixteen home prices and determine if there
are, in at least 200 words, explain how they impact t
After conducting a thorough investigation of the sixteen home
the range of most of the data. These data points, also know
measures used to describe the central tendency and variability
was observed that the resulting numbers did not match the pre
homes, with the minimum value being 50,000 and the maxim
resulted in an increase in the mean value to over 100,000, whic
the data added has a higher value compared to the initial g
945,000, indicating that the new data was more varied than th
no outlier that affected the median or mode, and they rem
significantly affected the mean value, indicating that the new homes. The range of values also increased, but there was no
In at least 150 words, explain which statistic (mean, m
center for the price of a hou
In statistics, measures of central tendency are used to describe
three commonly used measures of central tendency are the m
of all prices divided by the total number of houses. In this ca
middle value in a dataset when the values are arranged in or
price is $87,250, which indicates that half of the houses are pric
it. The mode is the most frequently occurring value in a data
means that this is the price that occurs most frequently in the d
mode is the best measure of center for house price. The mo
dataset, whereas the mean is affected by outliers and the me
provides a more accurate representation
In at least 150 words, describe the value of understandi
purchases such as land, cars, etc. Explain how thi
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Having a good grasp of statistical concepts such as mean, me
making substantial purchases like land or cars. These concept
the most representative value, which can then be used as a be
the median price of similar properties in an area can give you
understanding the average price of a particular car model c
knowledge of statistical concepts is crucial when making signifi
as mean, median, mode, standard deviation, and variance, yo
example, understanding the average price of a product, the ra
help you determine if you are getting a good deal or not. Add
prices can give you an idea of how much fluctuation there is in
your purchase. Therefore, understanding statistical concepts
important pu
Average!
Price
$89,500 $80,000 $94,900 $87,000 $74,900 $89,500 $59,900 $94,000 $80,000 $85,000 $55,000 $87,500 $94,999 $74,000 $92,000 ge Assignment Template
to Zillow.com or Realtor.com and enter your City and m home price that is no more than $100,000 over your es in your area. List the home prices in the blue cells ow.
1,000,000
es below by hand.
work below:
Answer:
82,547.00 87,000.00 80,000 and 89,500 55,000= 39,999.00 $82,547 $87,000 89,500.00 $39,999 $139,887 $87,250 89,500.00 945,000.00 9,900+94,000+80,000+85,000+55,000+87,500+94,9
00=1,238,199/15 000, 87,000, 87,500, 89,500, 89,500, 92,000, 94,000, 94,999 000, 87,000, 87,500, 89,500, 89,500, 92,000, 94,000, 94,999 e using Microsoft Excel formulas
below.
g lost relative. Using this additional home, recalculate sing Microsoft Excel formulas
below.
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e are any unusual data values (like outliers). If there the mean, median, mode and range you calculated.
e prices, I noticed some unusual data values that fall outside wn as outliers, have a significant impact on the statistical y of the dataset. Upon adding the data of 1,000,000 homes, it eviously listed group. The group was initially composed of 15 mum value being 100,000. The addition of more data points ch was influenced by the new data points. This indicates that group of 15 homes. The range of values also increased to e initial set of data. Despite the increase in range, there was mained under 100,000. Overall, the addition of more data data has a higher value compared to the initial group of 15 o significant effect on the median or mode. Specifically, the median, or mode) do you think is the best measure of use? Justify your answer. e the distribution of a dataset. When analyzing house prices, mean, median, and mode. The mean is calculated as the sum ase, the mean house price is $139,887. The median is the rder from lowest to highest. In this case, the median house ced below this value and half of the houses are priced above aset. In this case, the mode house price is $89,500, which dataset. Based on these values, it can be concluded that the ode represents the most frequently occurring price in the edian only considers the middle value. Therefore, the mode n of the typical price range for houses.
ing mean, median and mode when making other large is information will make you a better negotiator.
edian, and mode can prove to be extremely beneficial when ts help in analyzing the distribution of values and identifying enchmark while negotiating the price. For instance, knowing u an idea of what to expect while purchasing land. Similarly, can help you negotiate a fair price with the seller. Having ficant purchases. By understanding statistical concepts such ou can make informed decisions about your purchases. For ange of prices, and the most commonly occurring price can ditionally, knowing the standard deviation and variance of n pricing, which can help you decide the best time to make s can give you a significant edge when it comes to making urchases.