Question

The sales record of a real estate company for the month of May shows the following house prices (rounded to the nearest $1,000). Values are in thousands of dollars. 140 55 45 85 75 50 60 75 80 95

(a) Find the five-number summary for the house prices. Five-number summary
(b) Find the mean. Explain why the mean and median are different for this particular set of data.
(c) Construct a labeled boxplot for the house prices. (Show all your work). 40 50 60 70 80 90 100 110 120 130 140 150
(d) Describe the distribution of the house prices.

Answer 1

see below

Explanation:

a)

minimum = 45

first quartile = 55

median = 75

third quartile = 85

maximum = 95

lower fence = Q1 - 1.5 x IQR = 10

upper fence = Q3 + 1.5 x IQR = 130

Therefore, one outlier = 140

b) mean = sum of all numbers ÷ n = 760 ÷ 10 = 76 ($76,000)

There is an outlier (140). Outliers don't affect the median as much as they affect the mean.

c) see attached

d) negative skew