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Math Help - Distribution Question?

  1. #1
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    Distribution Question?

    Hey there, I have what seems a relatively easy distribution question, but i'm completely lost as to where to start.

    Suppose you are investigating selling prices of properties. You have obtained summary mesures for a random sample of 500 properties. The mean selling price was $520,000 while the median was $410,000. The highest and lowest selling prices were $850,000 and $250,000 respectively.

    a) Is the distribution of property prices symmetric, right-skewed or left-skewed? How many properties in the sample sold for less than $410,000? Expain how you know

    b) Based on the given information, can you determine how many properties sold for more than $520,000? Why or why not?

    Now the only way that possibly know how to do this is with either a graphics calculator or plotting it into Microsoft Excel?? But seeing as it asks for any working I'm not quite sure where to start.

    Any help would be greatly appreciated!!
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  2. #2
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    Quote Originally Posted by Storm20 View Post

    a) Is the distribution of property prices symmetric, right-skewed or left-skewed? How many properties in the sample sold for less than $410,000? Expain how you know

    As the median is less than the mean the distribution is skewed to the left. The Median divides the sample in half so 50% is less than $410,000


    Quote Originally Posted by Storm20 View Post



    b) Based on the given information, can you determine how many properties sold for more than $520,000? Why or why not?
    I don't know how you could, there is not enough information.
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  3. #3
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    cheers for the help with the first one, it's such an odd question. I've never been through anything like this in class, and it has be absolutely stumped!

    If anyone knows what im missing in 2 that would be great!
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