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Homework answers / question archive / 1)Refer to the Real Estate data, which report information on homes sold in the Goodyear, Arizona, area last year

1)Refer to the Real Estate data, which report information on homes sold in the Goodyear, Arizona, area last year

Management

1)Refer to the Real Estate data, which report information on homes sold in the Goodyear, Arizona, area last year.

 

 

a.      Create a probability distribution for the number of bedrooms. Compute the mean and the standard deviation of this distribution.

 

 

b.      Create a probability distribution for the number of bathrooms. Compute the mean and the standard deviation of this distribution.

 

2. Refer to the Real Estate data, which report information on homes sold in the Goodyear, Arizona, area during the last year.

a.      The mean selling price (in $ thousands) of the homes was computed earlier to be $221.10, with a standard deviation of $47.11. Use the normal distribution to estimate the percentage of homes selling for more than $280.0. Compare this to the actual results. Does the normal distribution yield a good approximation of the actual results?

 

b.      The mean distance from the center of the city is 14.629 miles, with a standard deviation of 4.874 miles. Use the normal distribution to estimate the number of homes 18 or more miles but less than 22 miles from the center of the city. Compare this to the actual results. Does the normal distribution yield a good approximation of the actual results?

 

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