Q. No. 1. Use following sample home prices ($000s) to answer the questions: 175.0 48.8 995.9 218.9 958.0 298.0 209.0 628.3 111.0 212.3 2325.0 212.6 a) What is the sample median home price? b) Do the data contain any outliers? c) Determine variance and standard deviation. d) Develop a Box Plot for the home prices. [02] [02] [03] [03]
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
![Q. No. 1.
Use following sample home prices ($000s) to answer the questions:
175.0
48.8 995.9
298.0
2325.0
209.0
218.9
628.3 111.0 212.3
212.6
958.0
a) What is the sample median home price?
b) Do the data contain any outliers?
c) Determine variance and standard deviation.
d) Develop a Box Plot for the home prices.
[02]
[02]
[03]
(03]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F437dc620-cc3a-4fc6-8208-c187cacd2f1b%2Fbfb3f54e-727f-4fd7-8cb3-80e50f4ca2f0%2F6m5c1ij_processed.jpeg&w=3840&q=75)
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