Answered: The mean selling price (in $ thousands)…

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

. The mean selling price (in $ thousands) of the homes was computed earlier to be $357.0, with a standard deviation of $160.7. Use the normal distribution to estimate the percentage of homes selling for more than $500.000. (Round intermediate calculations and final answer to 2 decimal places.)

a-2. Is price normally distributed?

a-3. If price is normally distributed, how many homes should have a price greater than the mean? (Round your answer to 1 decimal place.)

b-1. The mean days on the market is 30 with a standard deviation of 10 days. Use the normal distribution to estimate the number of homes on the market more than 24 days. (Round intermediate calculations 2 decimal places and final answer to nearest whole number.)

b-2. If days on the market is normally distributed, how many homes should be on the market more than the mean number of days? (Round intermediate calculations 2 decimal places and final answer to nearest whole number.)

b-3. Does the normal distribution yield a good approximation of the actual results?

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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