# QNT 351 Week 3 Sampling Distributions – Real Estate Part 2

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QNT

351 Week 3 Sampling Distributions – Real Estate Part 2

real estate data that you used for your learning team project that was due in

Week 2.

Sampling Distributions - Real Estate Part 2 worksheet.

assignment consistent with APA guidelines.

Assignment Files tab to submit your assignment.

·

Explain

what your computed population mean and population

standard deviation

were.

2. Divide the 100 listing prices into

10 samples of n=10 each. Each of your 10 samples will tend to be random if the

first sample includes houses 1 through 10 on your spreadsheet, the second

sample consists of houses 11 through 20, and so on.

·

Compute

the mean of each of the 10 samples and list them:

3. Compute the mean of those 10

means.

·

Explain

how the mean of the means is equal, or not, to

the population mean of the 100 listing prices from above.

4. Compute the standard deviation of

those 10 means and compare the standard deviation of the 10 means to the

population standard deviation of all 100 listing prices.

·

Explain

why it is significantly higher, or lower, than the population standard

deviation.

5. Explain how much more or less the

standard deviation of sample means was than the population standard deviation.

According to the formula for standard deviation of sample means, it should be

far less. (That formula is σ = σ/√n =

σ/√10 = σ/3.16 ) Does

your computed σ agree with the formula?

6. According to the Empirical Rule,

what percentage of your sample means should be within 1 standard deviation of

the population mean? Using your computed

σ, do your

sample means seem to conform to the rule?

7. According to the Empirical Rule,

what percentage of your sample means should be within 2 standard deviations of

the population mean? Again, do your

sample means seem to conform to the rule?

8. You used the Empirical Rule because

it really gives us more information (and because I asked you to), but

truthfully you should have used Chebyshev’s Theorem. Even though Chebyshev’s doesn’t tell us much,

why should you have used that one instead?

QNT

351 Week 3 Sampling Distributions – Real Estate Part 2

**Use**thereal estate data that you used for your learning team project that was due in

Week 2.

**Complete****the**Sampling Distributions - Real Estate Part 2 worksheet.

**Format****your**assignment consistent with APA guidelines.

**Click****the**Assignment Files tab to submit your assignment.

- Review the data and for the purpose of this project please

consider the 100 listing prices as a population.

·

Explain

what your computed population mean and population

standard deviation

were.

2. Divide the 100 listing prices into

10 samples of n=10 each. Each of your 10 samples will tend to be random if the

first sample includes houses 1 through 10 on your spreadsheet, the second

sample consists of houses 11 through 20, and so on.

·

Compute

the mean of each of the 10 samples and list them:

3. Compute the mean of those 10

means.

·

Explain

how the mean of the means is equal, or not, to

the population mean of the 100 listing prices from above.

4. Compute the standard deviation of

those 10 means and compare the standard deviation of the 10 means to the

population standard deviation of all 100 listing prices.

·

Explain

why it is significantly higher, or lower, than the population standard

deviation.

5. Explain how much more or less the

standard deviation of sample means was than the population standard deviation.

According to the formula for standard deviation of sample means, it should be

far less. (That formula is σ = σ/√n =

σ/√10 = σ/3.16 ) Does

your computed σ agree with the formula?

6. According to the Empirical Rule,

what percentage of your sample means should be within 1 standard deviation of

the population mean? Using your computed

σ, do your

sample means seem to conform to the rule?

7. According to the Empirical Rule,

what percentage of your sample means should be within 2 standard deviations of

the population mean? Again, do your

sample means seem to conform to the rule?

8. You used the Empirical Rule because

it really gives us more information (and because I asked you to), but

truthfully you should have used Chebyshev’s Theorem. Even though Chebyshev’s doesn’t tell us much,

why should you have used that one instead?

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