Question: Many families in California are using backyard structures for home offices, art studios, and hobby areas as well as for additional storage. Suppose that the

Many families in California are using backyard structures for home offices, art studios, and hobby areas as well as for additional storage. Suppose that the mean price for a customized wooden, shingled backyard structure is $3100. Assume that the standard deviation is $1200.
a. What is the z-score for a backyard structure costing $2300?
b. What is the z-score for a backyard structure costing $4900?
c. Interpret the z-scores in parts (a) and (b). Comment on whether either should be considered an outlier.
d. If the cost for a backyard shed-office combination built in Albany, California, is $13,000, should this structure be considered an outlier? Explain.

Step by Step Solution

★★★★★

3.47 Rating (177 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

a b c 2300 is 67 standard deviations below t... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

404-M-S-Q-M (1170).docx

120 KBs Word File

Students Have Also Explored These Related Statistics Questions!

Your Role You are an actuarial student in the group life department of MutualOne, an insurance company in the United States. Most of your communication is directed to your immediate supervisor, so it...

A used car dealer says that the mean price of a three-year-old sports utility vehicle (in good condition) is $20,000. You suspect this claim is incorrect and find that a random sample of 22 similar...

The U.S. Energy Administration reported that the mean price for a gallon of regular gasoline in the United States was $2.357 (U.S. Energy Administration, January 30, 2006). Data for a sample of...

A used car dealer says that the mean price of a three-year-old sports utility vehicle is $23,000. You suspect this claim is incorrect and find that a random sample of 22similar vehicles has a mean...

6:38 PM Sun Jun 12 19% % AA webassign.net C u + Apple Bing Google Yahoo Google (a) Provide a five-number summary (in million dollars). minimum million dollars first quartile million dollars median...

Statistics and probability Exercise 03.38 Algorithmic Question 3 of 23 eBook Suppose the data have a bell-shaped distribution with a mean of 50 and a standard deviation of 7. Use the empirical rule...

eBook Many families in California are using backyard structures for home offices, art studios and hobby areas as well as for additional storage. Suppose that the mean price for a e customized wooden,...

Many families in California are using backyard structures for home offices, art studios, and hobby areas as well as for additional storage. Suppose that the mean price for a customized wooden,...

How do we determine the size of the market for the ECRHS product or service you are recommending in pro forma. Assume East Chestnut Regional Health is located in the market in which you live or work.

Negotiate three features of creating and deploying network monitoring systems and how they are beneficial, by explaining how important is to allocate more budget on the network monitoring...

Which statement states why the gaps model of service quality has been used by many companies? Multiple choice question. It teaches customers to learn desirable behaviors by rewarding them for...

Effects of the level of production on an outsourcing decision Seymour Chemical Company makes a variety of cosmetic products, one of which is a skin cream designed to reduce the signs of aging....

During 2012, Margan Corporation had the following transactions and events.1. Declared a cash dividend.2. Issued par value common stock for cash at par value.3. Completed a 2-for-1 stock split in...

Tom Kemper is the controller of the Wichita manufacturing facility of Prudhom Enterprises, Inc. The annual cost control report is one of the many reports that must be filed with corporate...

Effects of denominator-level choice. Carlisle Company is a manufacturer of precision surgical tools. It initiated standard costing and a flexible budget on January 1, 2011. The company president,...

The selection of an inventory cost flow method is a decision made by accountants. Do you agree? Explain. Once a method has been selected, what accounting requirement applies? Discuss.

These are items that could be hardware of software and gradually advances as the project progresses. A. Hardware Deliverables B. * Interim Deliverables C. Software Deliverables D. None of these

The National Basketball Association (NBA) records a variety of statistics for each team. Four of these statistics are the proportion of games won (PCT), the proportion of field goals made by the team...

In exercise 6, data were given on the recruiter assessment score (highest = 5), the out-of-state tuition and fees (rounded to the nearest $1000), and the average starting salary and bonus (rounded to...

In exercise 9, an estimated regression equation was developed relating the top speed for a boat to the boat's beam and horsepower rating. a. Compute and interpret R 2 and R 2 a . b. Does the...

equipment can be sold for $140,000 at the end of the ten-year project and the cost of capital for this project is 7%. What is the after-tax cash flow of the project at disposal? ! (Rourid to the...

Snoke Inc's will pay a dividend of $10 next year. The required rate of return is 10% and dividends are expected to grow 5% after next year. What is Snoke's estimated value of the stock at the end of...

We are evaluating a project that costs $724,000, has an eight-year life, and has no salvage value. Assume that depreciation is straight-line to zero over the life of the project. Sales are projected...