The mean value of land and buildings per acre from a sample of farms is $1400, w

Question

The mean value of land and buildings per acre from a sample of farms is $1400, with a standard deviation o $300. 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)? $1402 $2096 $1272 $275 $1501 $1150 Which of the farms are unusual (more than two standard deviations from the mean)? Select all that apply

Explanation / Answer

Range of usual values:

Minimum usual value = 1400 - 2(300) = $800

Maximum usual value = 1400 + 2(300) = $2000

In the given data, $272 and $2096 are outside of the above range. Hence,

Unusual farms = $272, $2096

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