The mean value of land and buildings per acre from a sample of farms is $1500, w

Question

The mean value of land and buildings per acre from a sample of farms is $1500, with a standard deviation of $200. The data set has a belt-shaped distribution. Assume the number of farms in the sample is 77. (a) Use the empirical rule to estimate the number of farms whose land and building values per acre are between $1300 and $1700. ____ farms (Round to the nearest whole number as needed.) (b) If 26 additional farms were sampled, about how many of these additional farms would you expect to have land and building values between $1300 per acre and $1700 per acre? ____ farms out of 26 (Round to the nearest whole number as needed.)

Explanation / Answer

Mean is 1500 and SD is 200. Also, number in sample is 77

a) Range is (1700-1300)=400

thus one standard deviation away from mean or using empirical rule, 68% confidence

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