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Distributions and appropriate statistics: For each of the following, state whether you expect the distribution to be symmetric, right skewed, or left skewed. Also specify whether the mean or median wo
Distributions and appropriate statistics: For each of the following, state whether you expect the distribution to be symmetric, right skewed, or left skewed. Also specify whether the mean or median would best represent a typical observation in the data, and whether the variability of observations would be best represented using the standard deviation or IQR. Explain your reasoning.
(a) Housing prices in a country where 25% of the houses cost below $350,000, 50% of the houses cost below $450,000, 75% of the houses cost below $1,000,000 and there are a meaningful number of houses that cost more than $6,000,000.
The distribution is expected to be:
eft skewed
right skewed
symmetric
A typical observation is best represented by the:
mean
median
The variability in the observations is best measured by the:
standard deviation
IQR
(b) Housing prices in a country where 25% of the houses cost below $300,000, 50% of the houses cost below $600,000, 75% of the houses cost below $900,000 and very few houses that cost more than $1,200,000.
The distribution is expected to be:
right skewed
left skewed
symmetric
A typical observation is best represented by the:
median
mean
The variability in the observations is best measured by the:
standard deviation
IQR
(c) Number of alcoholic drinks consumed by college students in a given week. Assume that most of these students don't drink since they are under 21 years old, and only a few drink excessively.
The distribution is expected to be:
left skewed
right skewed
symmetric
A typical observation is best represented by the:
median
mean
The variability in the observations is best measured by the:
IQR
standard deviation
(d) Annual salaries of the employees at a Fortune 500 company where only a few high level executives earn much higher salaries than the all other employees.
The distribution is expected to be:
symmetric
left skewed
right skewed
A typical observation is best represented by the:
mean
median
The variability in the observations is best measured by the:
standard deviation
IQR