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StatisticsQ&A LibraryWhile 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 Footage6455001084675648110076070011001150800903118512258178201245136885092012751400855900127513501185859886140090010001450120090592015001412170090587615189299201600144096097516351460163516509751100146099011709401000995175019441029129919502265103911641975170010491180220043192700116210502400Question

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?

Step 1

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

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

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