**Title: Estimating Farm Values Using Statistical Methods**---**The Mean Value of Farm Land and Buildings:**The mean value of land and buildings per acre from a sample of farms is $1700, with a standard deviation of $200. The data set has a bell-shaped (normal) distribution. Assume the number of farms in the sample is 71.---**Applying the Empirical Rule:**To estimate the number of farms whose land and building values per acre are between $1300 and $2100, we can use the empirical rule (also known as the 68-95-99.7 rule). This rule states:- Approximately 68% of the data falls within one standard deviation of the mean.- Approximately 95% of the data falls within two standard deviations of the mean.- Approximately 99.7% of the data falls within three standard deviations of the mean.Given:- Mean (μ) = $1700- Standard Deviation (σ) = $200**Calculations:**1. Calculate the range within one standard deviation from the mean: - Lower Bound: μ - σ = $1700 - $200 = $1500 - Upper Bound: μ + σ = $1700 + $200 = $19002. Calculate the range within two standard deviations from the mean: - Lower Bound: μ - 2σ = $1700 - $400 = $1300 - Upper Bound: μ + 2σ = $1700 + $400 = $2100**Interpretation:**Using the empirical rule, we estimate that approximately 95% of the farms have land and building values per acre between $1300 and $2100.---**Exercise:**(a) Use the empirical rule to estimate the number of farms whose land and building values per acre are between $1300 and $2100.Answer:(Round to the nearest whole number as needed.) - **Estimated Number of Farms = 0.95 * 71 ≈ 67.45 ≈ 67 farms**This means around 67 out of the 71 farms are expected to have land and building values per acre between $1300 and $2100.---(Note: The empirical rule is a useful tool in statistics for understanding the distribution of data in a normal distribution.)

Empirical rule: The probability of the observation lies within 1 standard deviation of the mean,…

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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