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Name: The asking price for homes on the real estate market in Baltimore has
Uploaded: 2024-03-20T07:07:12.000Z
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Description: The asking price for homes on the real estate market in Baltimore has a mean value of $286,455 and a standard deviation of $11,200. The mean and standard deviation in asking price for homes in Denver are $188,468 and $8,230, respectively. Recently, o

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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The asking price for homes on the real estate market in Baltimore has a mean value of $286,455 and a standard deviation of $11,200. The mean and standard deviation in asking price for homes in Denver are $188,468 and $8,230, respectively. Recently, one home sold in each city where the asking price for each home was $193,000. Based on these data, which of the following conclusions can be made?

A) The house in Baltimore is relatively farther from the mean than the house in Denver.

B) The asking prices of homes in Denver is less variable than those in Baltimore.

C) The distribution of asking prices in the two cities is bell-shaped. D) The two homes have approximately the same standardized values.

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

Given

Balitmore

mean = 286455

sd = 11200

Denver
Mean = 188468
sd = 8230

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