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(solution) Use the real estate data provided. Complete the following


Use the real estate data provided.

Complete the following requirements: 

Review the data for completeness.  For the purpose of this project consider the 100 listing prices as a population. 

I.  Calculate the Population Mean (µ) and Population Standard Deviation (?).  Divide the 100 listing prices into 10 samples of n=10 each.  Compute the mean (x bar) of each of the 10 samples. You will have ten means after you complete this requirement.  Compute the mean of those 10 means.  Present the output from your calculations and explain how the mean of the means is equal to, or not equal to, the population mean of the 100 listing prices. (25 words).

II.  Compute the standard deviation of those 10 means and compare the standard deviation of the 10 means to the population standard deviation of all 100 listing prices. Present the output from your calculations and explain why it is significantly higher, or lower, than the population standard deviation. (25 words).

III.  According to the Empirical Rule, what percentage of your sample means should be within one standard deviation (plus or minus) of the population mean?  Do your sample means conform to the rule? (25 words).

IV.  According to the Empirical Rule, what percentage of your sample means should be within two standard deviations (plus or minus) of the population mean?  Do your sample means conform to the rule? 25 words).

V.  Should you use the Empirical Rule or should you have used Chebyshev's Theorem to analyze your real estate data set? Why? (25 words).    

Format your assignment consistent with APA guidelines.  Ensure you submit the excel workbook, showing your data set and calculations, along with your answers to the requirements above.  Include the correct citation for the data set you downloaded and used for this assignment.

 


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