Probability Concepts & Discrete & Continuous Distributions
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NB:Please use Excel(where possible--preferred) for this and could you send me a few notes with step by step break-down on how to make it easy to figure out next time?
refer to the real estate excel data set at :
http://highered.mcgraw-hill.com/sites/0073030228/student_view0/index.html
(see Real Estate Attachment )
Question 1:
A. With the mean of 221.10, STD of 47.11?use the normal distribution to estimate the percent of homes selling for more than 280.00 and compare this to the actual results. Does the normal distribution yield a good approximation of the actual results?
b. The mean distance from the center of the city is 14.629 miles with a STD of 4.874 miles. Use the normal distribution to estimate the number of homes 18 or more miles but less than 22 miles from the center of the city. Compare this to the actual results. Does the normal distribution yield a good approximation of the actual results?
Question 2.
Please use Excel(where possible--preferred) for this and could you send me a few notes with step by step break-down on how to make it easy to figure out next time?
For this --We need to utilize the data with 46 countries. that is at :
http://highered.mcgraw-hill.com/sites/0073030228/student_view0/data_sets.html
The CIA data SET...... You will need to click on the data set for International 2005 to get the data that we need to use, as opposed to clicking the CIA data of 62 countries. I hope that makes sense. Thanks
a. The mean GDP/capital variable is 16.58 with a STD of 9.27. Use the normal distribution to estimate the percentage of countries with exports above 24. Compare this estimate with the actual proportion. Does the normal distribution appear accurate in this case? Explain?
b. The mean of the exports is 116.3 with a STD of 157.4. Use the normal distribution to estimate the percentage of countries with exports above 170. Compare this estimate with the actual proportion. Does the normal distribution appear accurate in this case? Explain?
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