Assume the average selling price for houses in a certain county is $325,000 with a standard deviation

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Assume the average selling price for houses in a certain county is $325,000 with a standard deviation of $40,000.

a. Determine the coefficient of variation.

b. Calculate the z-score for a house that sells for

$310,000.

c. Using the empirical rule, determine the range of prices that includes 95% of the homes around the mean.

d. Using Chebyshev’s Theorem, determine the range of prices that includes at least 94% of the homes around the mean.

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Business Statistics

ISBN: 9780133852288

2nd Edition

Authors: Robert A Donnelly, Robert Donnelly Jr

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Question Posted: Jul 09, 2024 10:06 AM

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Assume the average selling price for houses in a certain county is $325,000 with a standard deviation

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Business Statistics

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