Question
Many families in California are using backyard structures for home offices, art studios, and hobby areas as well as for storage. Suppose the mean price
Many families in California are using backyard structures for home offices, art studios, and hobby areas as well as for storage. Suppose the mean price for a customized wooden, shingled backyard structure is $3100 with a standard deviation of $1200. Also assume that the prices for these types of structures is approximately bell-shaped (Normal).
(a) Between what two prices would you expect to find 95% of the structures?
(b) Approximately what percentage of the structures would you expect to cost between $1900 and $4300?
c) The cost of one of my neighbor's structures was $8100. Would you consider this an outlier? Explain.
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