The mean value of lan and buildings per acre from a sample of $1200, with a standard deviation of $350. Assume that the data set has a bell-shaped distribution. a) Between what two values do about 95% of the data lie? b) Assume that the number of farms in the sample is 40, estimate the number of farms whose land and building values per acre are between $500 and $1900.

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Types of Bias

Statistics is the study of data collection, organization, analysis, interpretation, and presentation. Statistical bias is a characteristic of a statistical technique or its findings in which the expected value deviates from the actual root quantitative parameter being estimated. According to the actual definition of bias, it refers to the tendency of a statistic to overestimate or underestimate a parameter.