Problem: Using the data from Zillow you obtained last week as well as the summary statistics you found.

• Assume  you choose a sample of size four from the original  10 data points
  • Find the standard error of the mean and explain your process
  • Use this to determine the probability of selecting a random sample of homes from your data set that has an average of 150,000  or greater.
  • Would you consider this likely or unlikely? Why? Justify your reasoning.
  • Determine the standard error of the mean of your data AFTER the outlier of 5.5 million dollars was included, assume that the sample you are taking is still four data points. How was the standard error effected
  • Recalculate  the probability of selecting a sample of homes from your data set that has an average of 150,000 or more.  Is this more or less likely than the original probability?

Price: $5.6

Solution: The downloadable solution consists of 3 pages, 260 words.
Deliverable: Word Document