Transcribed Image Text:### Analysis of Square Footage Distribution
The table below displays the frequency of properties within various ranges of square footage.
| Square Footage Range | Frequency |
|----------------------|-----------|
| 0 – 499 | 9 |
| 500 – 999 | 13 |
| 1,000 – 1,499 | 36 |
| 1,500 – 1,999 | 115 |
| 2,000 – 2,499 | 125 |
| 2,500 – 2,999 | 83 |
| 3,000 – 3,499 | 45 |
| 3,500 – 3,999 | 45 |
| 4,000 – 4,499 | 22 |
| 4,500 – 4,999 | 7 |
### Overview
This dataset represents the frequency distribution of various property sizes measured in square footage. Observing this data allows educators to teach students about interpreting frequency distributions and the application of statistical insights in real estate contexts.
Key observations include a peak frequency of properties within the 1,500 to 2,499 square footage range, indicating this size is the most common in the dataset. Understanding the distribution helps inform housing market analyses and space utilization trends.
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 + ...
Expert Solution
Step 1: We have given that
We have given that data
Frequency distribution table.
Mean = sum of all observations/total number of observations.
