Statistical Techniques in Business and Economics
18th Edition
ISBN: 9781260579611
Author: Douglas Lind; William Marchal; Samuel Wathen
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Textbook Question
Chapter 2, Problem 51DA
Refer to the North Valley Real Estate data that reports information on homes sold during the last year. For the variable price, select an appropriate class interval and organize the selling prices into a frequency distribution. Write a brief report summarizing your findings. Be sure to answer the following questions in your report.
- a. Around what values of price do the data tend to cluster?
- b. Based on the frequency distribution, what is the typical selling price in the first class? What is the typical selling price in the last class?
- c. Draw a cumulative relative frequency distribution. Using this distribution, fifty percent of the homes sold for what price or less? Estimate the lower price of the top ten percent of homes sold. About what percent of the homes sold for less than $300,000?
- d. Refer to the variable bedrooms. Draw a bar chart showing the number of homes sold with 2, 3, 4 or more bedrooms. Write a description of the distribution.
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Chapter 2 Solutions
Statistical Techniques in Business and Economics
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