Question

A real estate agent has surveyed houses in twenty nearby zip codes in an attempt to put together a comparison for a new property that she would like to put on the market. The 1057 houses she surveyed have a mean price of $191,300, with a standard deviation of $75,806. The mean living area is 1777 sq ft, with a standard deviation of 560 sq ft. Which is more unusual, a house in that market that sells for $340,000 or a house that has 3400 sq ft of living area? Explain. Choose the correct answer below. and the house with 3400 sq ft has a z-score of . Thus, a house in that market that is more unusual than a house that The house that sells for $340,000 has a z-score of (Round to two decimal places as needed.)

Answer 1

Concept :- 2 АСое - Х- и Population mean M= T = Population Standard deviation x = score has to be value at which a Calculated Given:- Population (1) Price of House population (2) Area of House up $ 191300 0,=$75806 u = 1777 ft? on soo ft² z seore for population (A) = x-ll, x, =$340000 2 = 340000 – 191300 = 1.9616 75806 2 score for population (2) 2- 3400 - 1777 2.8982 560 Scanned with CamScanner

The house that sells for $340,000 has a z Scode of [[1.9616 and the house with 34008qft has az-score of [2-8982. Thus, a house in that market that [3400 Sq Ft of living area is more unusual than a house that ($340000]. cs Scanned with CamScanner