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

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