Analyze the data and chart below. The mean price for home sales is approximately $420,000. The standard deviation is approximately $312,000.What does the $312,000 tell us about the data? Home Sales$250,000BakerLemmer $485,000Pedersen $1,100,000$351,000$278,500$470,000$390,010$22,500MillerCamdenCastleYoungKent$1,200,000$1,000,000ĒNU$800,000$600,000$400,000$200,000Home Sales$0Baker Lemmer Pedersen Miller Camden CastleHome OwnersYoungKent

Answered: Analyze the data and chart below. The…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Analyze the data and chart below. The mean price for home sales is approximately $420,000. The standard deviation is approximately $312,000.

What does the $312,000 tell us about the data?

Home Sales
$250,000
Baker
Lemmer $485,000
Pedersen $1,100,000
$351,000
$278,500
$470,000
$390,010
$22,500
Miller
Camden
Castle
Young
Kent
$1,200,000
$1,000,000
ĒNU
$800,000
$600,000
$400,000
$200,000
Home Sales
$0
Baker Lemmer Pedersen Miller Camden Castle
Home Owners
Young
Kent

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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