Answered: A real estate company is interested in…

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section10.4: Distributions Of Data

Problem 19PFA

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A real estate company is interested in the ages of home buyers. They examined the ages of thousands of home buyers and found that the mean age was 41 years old, with a standard deviation of 10 years. Suppose that these measures are valid for the population of all home buyers. Complete the following statements about the distribution of all ages of home buyers.

(a)According to Chebyshev's theorem, at least ▼(Choose one) of the home buyers' ages lie between

21years and 61 years.

(b) According to Chebyshev's theorem, at least 8/9 (about 89%) of the home buyers' ages lie between

years and years. (Round your answer to the nearest whole number.)

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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