The median price of homes in Austin, Texas is $248,640 (AustinHomeSearch website,April 2015). A sample of 200 homes sold in the south Austin suburb of Westlake Hillsfound 111 homes with sales prices over $248,640 and 89 homes with sales prices under$248,640. Can you conclude that the median price of homes in Westlake Hills differs fromthe median price of homes in Austin? Use a = .05.
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
The median price of homes in Austin, Texas is $248,640 (AustinHomeSearch website,
April 2015). A sample of 200 homes sold in the south Austin suburb of Westlake Hills
found 111 homes with sales prices over $248,640 and 89 homes with sales prices under
$248,640. Can you conclude that the median price of homes in Westlake Hills differs from
the median price of homes in Austin? Use a = .05.
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