Answered: Describe the distribution you will use…

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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Question

Describe the distribution you will use to build the confidence interval.

x-bar = 229,615

Sx = 139574.2529

Minimum price = $28,900

Maximum price = $695,000

First Quartile (Q1) = 147,450

Median = 202,500

Third Quartile = 269,450

Interquartile Range =122,000

Definition Definition Middle value of a data set. The median divides a data set into two halves, and it also called the 50th percentile. The median is much less affected by outliers and skewed data than the mean. If the number of elements in a dataset is odd, then the middlemost element of the data arranged in ascending or descending order is the median. If the number of elements in the dataset is even, the average of the two central elements of the arranged data is the median of the set. For example, if a dataset has five items—12, 13, 21, 27, 31—the median is the third item in ascending order, or 21. If a dataset has six items—12, 13, 21, 27, 31, 33—the median is the average of the third (21) and fourth (27) items. It is calculated as follows: (21 + 27) / 2 = 24.

Expert Solution

Step 1

Here in this question we have information about x-bar, Sx , minimum price, maximum price, First quartile, median, Third quartile and the Interquartile Range.

We need to understand which distribution we use to build the confidence interval with these information.