While the housing market is in recession and is not likely to emerge anytime soon, real estate investment in college towns continues topromise good returns (The Wall Street Journal, September 24, 2010). Marcela Treisman works for an investment firm in Michigan. Herassignment is to analyze the rental market in Ann Arbor, which is home to the University of Michigan. She gathers data on monthly rentfor 2011 along with the square footage of 40 homes. The data is shown in the accompanying table.Monthly Rent Square Footage11631020Monthly Rent Square Footage6455001084675648110076070011001150800903118512258178201245136885092012751400855900127513501185859886140090010001450120090592015001412170090587615189299201600144096097516351460163516509751100146099011709401000995175019441029129919502265103911641975170010491180220043192700116210502400

Question
Asked Feb 6, 2020
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I have attached the data set. My only problem is finding the standard deviation for the set as it consists of multiple variables and it can be tedious. I have plugged in the numbers for both population values and sample values and can't seem to get the correct answer. I would just like to know if there is a simplier way to get the answer without having to work with every single value in the data set. Thank you.

 

a. Calculate the mean and the standard deviation for monthly rent. (Round your answers to 2 decimal places.)

b. Calculate the mean and the standard deviation for square footage. (Round your answers to 2 decimal places.)

c. Which sample data exhibit greater relative dispersion?

While the housing market is in recession and is not likely to emerge anytime soon, real estate investment in college towns continues to
promise good returns (The Wall Street Journal, September 24, 2010). Marcela Treisman works for an investment firm in Michigan. Her
assignment is to analyze the rental market in Ann Arbor, which is home to the University of Michigan. She gathers data on monthly rent
for 2011 along with the square footage of 40 homes. The data is shown in the accompanying table.
Monthly Rent Square Footage
1163
1020
Monthly Rent Square Footage
645
500
1084
675
648
1100
760
700
1100
1150
800
903
1185
1225
817
820
1245
1368
850
920
1275
1400
855
900
1275
1350
1185
859
886
1400
900
1000
1450
1200
905
920
1500
1412
1700
905
876
1518
929
920
1600
1440
960
975
1635
1460
1635
1650
975
1100
1460
990
1170
940
1000
995
1750
1944
1029
1299
1950
2265
1039
1164
1975
1700
1049
1180
2200
4319
2700
1162
1050
2400
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While the housing market is in recession and is not likely to emerge anytime soon, real estate investment in college towns continues to promise good returns (The Wall Street Journal, September 24, 2010). Marcela Treisman works for an investment firm in Michigan. Her assignment is to analyze the rental market in Ann Arbor, which is home to the University of Michigan. She gathers data on monthly rent for 2011 along with the square footage of 40 homes. The data is shown in the accompanying table. Monthly Rent Square Footage 1163 1020 Monthly Rent Square Footage 645 500 1084 675 648 1100 760 700 1100 1150 800 903 1185 1225 817 820 1245 1368 850 920 1275 1400 855 900 1275 1350 1185 859 886 1400 900 1000 1450 1200 905 920 1500 1412 1700 905 876 1518 929 920 1600 1440 960 975 1635 1460 1635 1650 975 1100 1460 990 1170 940 1000 995 1750 1944 1029 1299 1950 2265 1039 1164 1975 1700 1049 1180 2200 4319 2700 1162 1050 2400

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Expert Answer

Step 1

The mean and standard deviation are calculated using Excel. Steps are as follows:

  1. Enter the data into the worksheet.
  2. Use the Excel function =AVERAGE(data range) for both monthly rent and square footage to obtain the mean.
  3. Use the Excel function =STDEV.S(data range) for both monthly rent and square footage to obtain the sa...

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