The mean value of land and buildings per acre from a sample of farms is $1300, w

Question

The mean value of land and buildings per acre from a sample of farms is $1300, with a standard deviation of $100. The data set has a bell-shaped distribution. Assume the number of farms in the sample is 73.

A) Use the empirical rule to estimate the number of farms whose land and building values per acre are between $1200 and $1400

B)If 28 additional farms were sampled, about how many of these additional farms would you expect to have land and building values between $1200 per acre and $1400 per acre?

Explanation / Answer

Mean = $1300

Standard deviation = $100

According to the emperical rule, 68% of the data lies within 1 standard deviation of man.

A) $1200 - $1400 is 1 standard deviation range from mean

So, the number of farms whose land and building values per acre are between $1200 and $1400 = 73x0.68 = 50

B) Of the additional 28 farms, number of farms expected to have land and building values between $1200 per acre and $1400 per acre = 28x0.68 = 19

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