The mean value of land and buildings per acre from a sample of farms is$1400,with a standard deviation of$200.The data set has a bell-shaped distribution. Assume the number of farms in the sample is70. Question content area bottomPart 1(a) Use the empirical rule to estimate the number of farms whose land and building values per acre are between$1200and$1600. 48 48farms (Round to the nearest whole number as needed.)Part 2(b) If21additional farms were sampled, about how many of these additional farms would you expect to have land and building values between$1200per acre and$1600per acre? enter your response here farms out of21(Round to the nearest whole number as needed.)

Given n=70 Mean=1400 Standard deviation=200

Answered: The mean value of land and buildings…

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 content area bottom

Part 1

(a) Use the empirical rule to estimate the number of farms whose land and building values per acre are between

$1200

and

$1600.

farms (Round to the nearest whole number as needed.)

Part 2

(b) If

additional farms were sampled, about how many of these additional farms would you expect to have land and building values between

$1200

per acre and

$1600

per acre?

enter your response here

farms out of

(Round to the nearest whole number as needed.)

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 + ...

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