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!!