Why is the median price used to reflect average home prices

Reference no: EM13974804

1."Graphs That Enlighten and Graphs That Deceive" which, of course, need not be just statistical in nature. Find a graph of one of the types shown in the chapter (e.g. bar graph) in current news at an online news Web site (e.g. newspaper, TV or radio stations and networks), give the URL of the article, and critique the graph.

2. Why is the median price used to reflect average home prices in most areas, rather than the mean or mode? Should all people have similar houses or is it fair that some houses are much more expensive than others? Why or why not?

3. Construct 3 questions that could be answered using the Binomial Distribution and explain why you know the Binomial Distribution is appropriate to use in each case.

4. 2. Why is there more than one process for the Normal Distribution? Why are extra steps needed if the mean is not zero and the standard deviation is not one?

5. Explain what a confidence interval is and how it helps you to better understand the parameter of the population you are interested in?

Reference no: EM13974804

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