Compute the standard deviation of those 10 means and compare the standard deviation of the 10 means to the population standard deviation of all 100 listing prices.

Need to have questions 4,5, & 6 answered on the attached word document. Using the answer to question 1,2,&3 and the attached excell spreadsheet.

 

1.     Compute the standard deviation of those 10 means and compare the standard deviation of the 10 means to the population standard deviation of all 100 listing prices.

·         Explain why it is significantly higher, or lower, than the population standard deviation.

2.     Explain how much more or less the standard deviation of sample means was than the population standard deviation. According to the formula for standard deviation of sample means, it should be far less.  (That formula is σ = σ/√n  =  σ/√10  = σ/3.16  )  Does your computed σ  agree with the formula?

 

3.     According to the Empirical Rule, what percentage of your sample means should be within 1 standard deviation of the population mean?  Using your computed σ, do your sample means seem to conform to the rule?

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