Question

The May 1, 2009, issue of a certain publication reported the following home sale amounts for a sample of homes in Alameda, CA that were sold the previous month (1,000s of $). 589 814 580 606 354 1,290 405 535 554 681 (a) Calculate and interpret the sample mean and median. The sample mean is x = thousand dollars and the sample median is x tilde = thousand dollars. This means that the average sale price for a home in this sample was $ and that half the sales were for less than the Correct: Your answer is correct. price, while half were more than the Correct: Your answer is correct. price. (b) Suppose the 6th observation had been 985 rather than 1,290. How would the mean and median change? Changing that one value lowers the sample mean but has no effect on the sample median. Changing that one value has no effect on the sample mean but raises the sample median. Changing that one value has no effect on either the sample mean nor the sample median. Changing that one value raises the sample mean but has no effect on the sample median. Changing that one value has no effect on the sample mean but lowers the sample median. (c) Calculate a 20% trimmed mean by first trimming the two smallest and two largest observations. (Round your answer to the nearest hundred dollars.) $ (d) Calculate a 15% trimmed mean. (Round your answer to the nearest hundred dollars.) $

Answer 1