Ask Question
10 December, 04:24

Housing prices in a country where 25% of the houses cost below $350,000, 50% of the houses cost below $450,000, 75% of the houses cost below $1,000,000 and there are a meaningful number of houses that cost more than $6,000,000. The distribution is expected to be:

+2
Answers (1)
  1. 10 December, 04:33
    0
    Housing prices in a country where 25% of the houses cost below $350,000, 50% of the houses cost below $450,000, 75% of the houses cost below $1,000,000 and there are a meaningful number of houses that cost more than $6,000,000. The distribution is expected to be:

    Answer: The distribution is expected to be right skewed.

    Because the 50% of the houses cost below $450,000, which means the median house costs is approximately $450,000. And we see there are meaningful number of houses that cost more than $6,000,000. Which clearly indicates that the data will be right skewed.

    In the right skewed distribution, the mean is greater than median and median is greater than mode. A right-skewed distribution has a long right tail. Right-skewed distributions are also called positively-skewed distributions there is a long tail in the positive direction on the number line.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Housing prices in a country where 25% of the houses cost below $350,000, 50% of the houses cost below $450,000, 75% of the houses cost ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers