Question

For each of the following, state whether you expect the distribution to be symmetric, right skewed, or left skewed. Also specify whether the mean or median would best represent a typical observation in the data, and whether the variability of observations would be best represented using the standard deviation or IQR. Explain your reasoning.

-Housing prices in a country where 25% of the houses cost below $350,000, 50% of the houses cost below $450,000, 75% of the houses cost below $1,000,000 and there are a meaningful number of houses that cost more than $6,000,000.

-Housing prices in a country where 25% of the houses cost below $300,000, 50% of the houses cost below $600,000, 75% of the houses cost below $900,000 and very few houses that cost more than $1,200,000.

-Number of alcoholic drinks consumed by college students in a given week. Assume that most of these students don’t drink since they are under 21 years old, and only a few drink excessively.

- Annual salaries of the employees at a Fortune 500 company where only a few high level executives earn much higher salaries than all the other employees.

Answer 1

Answer:

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