The prices, in thousands of dollars, of 304 homes recently sold in a city are summarized in the histogram below. Based on the histogram, which of the following statements must be true? The minimum price is $250,000. The maximum price is $2,500,000. The median price is not greater than $750,000. The mean price is between $500,000 and $750,000. The upper quartile of the prices is greater than $1,500,000.
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 prices, in thousands of dollars, of 304 homes recently sold in a city are summarized in the histogram below.
Based on the histogram, which of the following statements must be true?
- The minimum price is $250,000.
- The maximum price is $2,500,000.
- The median price is not greater than $750,000.
- The mean price is between $500,000 and $750,000.
- The upper quartile of the prices is greater than $1,500,000.
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