This Question: 12 pts 501 6 (0 completo) | According to a governments census bur

Question

This Question: 12 pts 501 6 (0 completo) | According to a governments census bureau, in February 2010, the median sales price of new houses was $220,500 and the mean sales price was $282,600 a. Interpret the median sales price. b. Interpret the mean sales price c. Discuss the shape of the distribution of the price of new houses. O A. Half of the prices for a new house are smaller than or equal to $220,500, and the other half the prices for a new house are larger than or equal to $220,500. O B. Half of the prices for a new house are smaller than $282,600, and the other half of the prices for a new house are larger than $282,600. O c. Half of the prices for a new house are smaller than or equal to $282,600, and the other half the prices for a new house are larger than or equal to $282,600 D. Half of the prices for a new house are er aller than S220 500, and the other half of the prices for a new house are larger than S220 500 b. Choose the correct answer below A. The arithmetic average price for a new house is$220,500. O B. The most common price for a new house is $282,600. O C. The arithmetic average price for a new house is $282,600o. O D. The most common price for a new house is $220,500. c. Choose the correct answer below O A. The shape of the distribution is a negative (left-skewed) shape. O B. The shape of the distribution is a positive (right-skewed) shape. O C. The shape of the distribution is symmetric (zero skewness) shape.

Explanation / Answer

(a) Median is a central value. It will indicate prices below the median and above the median, but will not include the median, therefore (Option D)

(b) The arithmetic average is the mean price, which is $282,600 (Please note: most common price is the mode, that is the price which would have the maximum frequency). (Option C)

(c) Since the median is lesser than the mean, the graph is skewed right. (Option B)

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