Question

The assessment rates (in percentages) assigned to a random sample of 40 commercially zoned parcels of land in the year 2012 are stored in the data file. a. What is the standard deviation in the assessment rates? b. Approximately what proportion of the rates will be within \pm 2 standard deviations of the mean?

Name: Problem 24, Chapter 2: Statistics for Business and Economics: Global Edition
Uploaded: 2022-03-07T20:59:19-08:00
Duration: 51 s
Channel: Emily Himsel
Description: The assessment rates (in percentages) assigned to a random sample of 40 commercially zoned parcels of land in the year 2012 are stored in the data file. a. What is the standard deviation in the assessment rates? b. Approximately what proportion of the rates will be within ±2 standard deviations of the mean?

   The assessment rates (in percentages) assigned to a random sample of 40 commercially zoned parcels of land in the year 2012 are stored in the data file.
a. What is the standard deviation in the assessment rates?
b. Approximately what proportion of the rates will be within \pm 2 standard deviations of the mean?

Statistics for Business and Economics: Global Edition

Newbold P., Carlson… 8th Edition

Chapter 2, Problem 24

Instant Answer

Solved by Expert Emily Himsel

03/07/2022

Step 1

- Add up all the assessment rates from the data file. - Divide the sum by the number of parcels (40) to find the mean. Show more…

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The assessment rates (in percentages) assigned to a random sample of 40 commercially zoned parcels of land in the year 2012 are stored in the data file. a. What is the standard deviation in the assessment rates? b. Approximately what proportion of the rates will be within \pm 2 standard deviations of the mean?

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Key Concepts

Standard Deviation

Standard deviation is a statistical measure that quantifies the amount of variability or dispersion in a set of data values. It indicates how spread out the data points are from the mean. A low standard deviation means that most of the numbers are close to the mean, whereas a high standard deviation indicates that the numbers are more spread out over a wider range.

Empirical Rule

The empirical rule, also referred to as the 68-95-99.7 rule, is a statistical guideline that applies to normally distributed data. It states that approximately 68% of the data values lie within one standard deviation of the mean, about 95% lie within two standard deviations, and nearly 99.7% lie within three standard deviations. This rule helps in estimating the proportion of data that falls within a particular range around the mean.

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