QNT 351 Week 3 Sampling Distributions – Real Estate Part 2

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QNT
351 Week 3 Sampling Distributions – Real Estate Part 2

Use the
real 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.

 


  1. 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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