Consider thepricesof properties inMelbourne fromJanuary2016to September2017, asreportedbyDomain. Table1providesdescriptive statisticsandFigure1showsgraphicaldisplaysforthesepropertyprices. Statistic Value Q1 (i.e., rstquartile) 633,000 X 1,056,697 X 880,000 Q3 (i.e.,thirdquartile) 1,302,000 Range(X) 8,915,000 MAD(X) 458,569 S2 412,063,426,191 S 641,922 IQR 669,000 Table1:Descriptivestatisticsforpropertyprices(inAUD) inMelbourne Summarise the distribution of Melbourne property prices, describing the shape of the distribution and presenting appropriate measures of centrality and dispersion. (3 marks) Both the histogram and density plot in the panel to the left and boxplot in the panel to the right of Figure 1 show a heavily positively skewed distribution for Melbourne property prices. This is evidenced by the signi cantly longer right tail. Given the skewness in the distribution of propery prices, robust measures of centrality and dispersion are preferred, meaning that the preferred measure of centrality would be the sample median and the preferred measure of dispersion would be the interquartile range. These are given by X = $880000 IQR = $669000 The property prices presented in part (a) can be considered as constitut ing the population of prices for properties in Melbourne advertised by Domain from January 2016 to September 2017. Consequently, the totals presented in Table 1 could be considered as representing parameters for this particular population rather than statistics