Basic Statistics for Business and Economics by Wathen Samuel Adam

Author:Wathen, Samuel Adam [Wathen, Samuel Adam]
Language: eng
Format: mobi
Publisher: McGraw-Hill Higher Education -A
Published: 2008-02-27T16:00:00+00:00

a. Compute the mean and the standard deviation of the distribution of the selling prices for the homes. Assume this to be the population. Develop a histogram of the data. Would it seem reasonable from this histogram to conclude that the population of selling prices follows the normal distribution?

b. Let’s assume a normal population. Select a sample of 10 homes. Compute the mean and the standard deviation of the sample. Determine the likelihood of finding a sample mean this large or larger from the population.

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