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Solved: Refer to the Real Estate data, which report information on homes sold in the
Chapter 0, Problem 74(choose chapter or problem)
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?
Questions & Answers
QUESTION:
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?
ANSWER:Step 1 of 4
The normal distribution, also known as the Gaussian distribution or bell curve, is a fundamental concept in statistics and probability theory. It describes a symmetric, bell-shaped probability distribution that is characterized by its mean (average) and standard deviation. The normal distribution is essential in various fields, including physics, economics, biology, and social sciences, due to its prevalence in natural phenomena.