The weekly rental price (in dollars) of an area were collected. The summary statistics is given in Table 1. Table 1: Summary statistics of weekly rental price Mean 236.29
Question 1
The weekly rental price (in dollars) of an area were collected. The summary statistics is given
in Table 1.
Table 1: Summary statistics of weekly rental price
Standard Error 2.32
Standard Deviation ?
Sample Variance 4046.86
Kurtosis 0.56
Skewness 0.88
Minimum 100.00
Maximum 490.00
Sum
177220.0
0
Count 750
1) Calculate the sample standard deviation, and range for the weekly rental price.
Value of the standard deviation
Value of the range
2) In the summary statistics, the mean is greater than the median. Explain what this indicates about the shapes of the distributions.
3) Any value of the variable with Z score less than -3.0, or greater than +3.0 is classified as outliers. Check whether the minimum and maximum are outliers.
The z score of the minimum
The z score of the maximum:
Any outliers and explanation:
Hint:
The formula for calculation of z score is as following:
μ: population mean
σ: population standard deviation
To answer this question, you can use the sample mean to replace the population mean, and
sample standard deviation to replace population standard deviation when you calculate the z
value.
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