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 $100. The data set has a bell-shaped distribution. Using the empirical rule, determine which of the following farms, whose land and building values per acre are given, are unusual (more than two standard deviations from the mean). Are any of the data values very unusual (more than three standard deviations from the mean)? $1330 $1723 $1591 $1167 $1614 $1537

Which of the farms are unusual (more than two standard deviations from the mean)? Select all that apply.

Explanation / Answer

Mean = 1500

Stdev = 100

So, the values at 2 and 3 deviations above and below mean are

Above and below 2 deviations = 1500 +/- 2*100 = 1300 and 1700<-beyond this are unusual

Above and below 3 deviations = 1500 +/- 3*100 = 1200 and 1800<-beyond this are very unusual

So, 1330 is usual , $1823 is unusual, 1591 is usual, $1167 is very unsual

The next question can be answered by selecting any farms which have less than $1300 and more than $1700 value. Options are not given here.

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