The May 1, 2009, issue of a certain publication reported the following home sale amounts for a sample of homes in Alameda, CA that were sold the previous month (1,000s of $). 592 816 573 606 346 1,283 413 540 551 675 n USE SALT (a) Calculate and interpret the sample mean and median. The sample mean is x = --Select-v price, while half were more than the -Select- v price. thousand dollars and the sample median is ž = thousand dollars. This means that the average sale price for a home in this sample was $ and that half the sales were for less than the

A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
icon
Related questions
Question
100%

Please solve the first three blanks in (a)!

The May 1, 2009, issue of a certain publication reported the following home sale amounts for a sample of homes in Alameda, CA that were sold the previous month (1,000s of $).

592, 816, 573, 606, 346, 1,283, 413, 540, 551, 675

(a) Calculate and interpret the sample mean and median.

The sample mean is \( \overline{x} = \underline{\hspace{40px}} \) thousand dollars and the sample median is \( \tilde{x} = \underline{\hspace{40px}} \) thousand dollars. This means that the average sale price for a home in this sample was $ \underline{\hspace{40px}} and that half the sales were for less than the \( \underline{\text{Select}}\) price, while half were more than the \( \underline{\text{Select}} \) price.

(b) Suppose the 6th observation had been 985 rather than 1,283. How would the mean and median change?

- \( \circ \) Changing that one value raises the sample mean but has no effect on the sample median.
- \( \circ \) Changing that one value has no effect on either the sample mean nor the sample median.
- \( \circ \) Changing that one value has no effect on the sample mean but raises the sample median.
- \( \circ \) Changing that one value has no effect on the sample mean but lowers the sample median.
- \( \circ \) Changing that one value lowers the sample mean but has no effect on the sample median.

(c) Calculate a 20% trimmed mean by first trimming the two smallest and two largest observations. (Round your answer to the nearest hundred dollars.)

$ \underline{\hspace{40px}}

(d) Calculate a 15% trimmed mean. (Round your answer to the nearest hundred dollars.)

$ \underline{\hspace{40px}}
Transcribed Image Text:The May 1, 2009, issue of a certain publication reported the following home sale amounts for a sample of homes in Alameda, CA that were sold the previous month (1,000s of $). 592, 816, 573, 606, 346, 1,283, 413, 540, 551, 675 (a) Calculate and interpret the sample mean and median. The sample mean is \( \overline{x} = \underline{\hspace{40px}} \) thousand dollars and the sample median is \( \tilde{x} = \underline{\hspace{40px}} \) thousand dollars. This means that the average sale price for a home in this sample was $ \underline{\hspace{40px}} and that half the sales were for less than the \( \underline{\text{Select}}\) price, while half were more than the \( \underline{\text{Select}} \) price. (b) Suppose the 6th observation had been 985 rather than 1,283. How would the mean and median change? - \( \circ \) Changing that one value raises the sample mean but has no effect on the sample median. - \( \circ \) Changing that one value has no effect on either the sample mean nor the sample median. - \( \circ \) Changing that one value has no effect on the sample mean but raises the sample median. - \( \circ \) Changing that one value has no effect on the sample mean but lowers the sample median. - \( \circ \) Changing that one value lowers the sample mean but has no effect on the sample median. (c) Calculate a 20% trimmed mean by first trimming the two smallest and two largest observations. (Round your answer to the nearest hundred dollars.) $ \underline{\hspace{40px}} (d) Calculate a 15% trimmed mean. (Round your answer to the nearest hundred dollars.) $ \underline{\hspace{40px}}
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Groups
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, probability and related others by exploring similar questions and additional content below.
Recommended textbooks for you
A First Course in Probability (10th Edition)
A First Course in Probability (10th Edition)
Probability
ISBN:
9780134753119
Author:
Sheldon Ross
Publisher:
PEARSON
A First Course in Probability
A First Course in Probability
Probability
ISBN:
9780321794772
Author:
Sheldon Ross
Publisher:
PEARSON