The asking price for homes on the real estate market in Baltimore has a mean val
ID: 3124376 • Letter: T
Question
The asking price for homes on the real estate market in Baltimore has a mean value of $286,455 and a standard deviation of $11,200. The mean and standard deviation in asking price for homes in Denver are $188,468 and $8,230, respectively. Recently, one home sold in each city where the asking price for each home was $193,000. Based on these data, which of the following conclusions can be made?
The two homes have approximately the same standardized values.
The distribution of asking prices in the two cities is bell-shaped.
The house in Baltimore is relatively farther from the mean than the house in Denver.
The asking prices of homes in Denver is less variable than those in Baltimore.
The two homes have approximately the same standardized values.
The distribution of asking prices in the two cities is bell-shaped.
The house in Baltimore is relatively farther from the mean than the house in Denver.
The asking prices of homes in Denver is less variable than those in Baltimore.
Explanation / Answer
As we can see, the price 193000 is closer to the mean in Denver (188468) than the mean in Baltimore (286455).
Hence,
OPTION C: The house in Baltimore is relatively farther from the mean than the house in Denver. [ANSWER]
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