While the housing market was in recession and was not likely to emerge anytime soon, real...

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While the housing market was in recession and was not likely toemerge anytime soon, real estate investment in college townscontinued to promise good returns (The Wall Street Journal,September 24, 2010). Michele Gibellino worked for an investmentfirm in Michigan. Her assignment was to analyze the rental marketin Ann Arbor, which is home to the University of Michigan. Shegathered data on monthly rent for 2011 for a sample of 40 homes.The data is shown in the accompanying table.
Monthly Rent Monthly Rent Monthly Rent Monthly Rent
645 905 1084 1518
675 929 1100 1600
760 960 1100 1635
800 975 1185 1635
820 990 1245 1650
850 995 1275 1750
855 1029 1275 1950
859 1039 1400 1975
900 1049 1450 2200
905 1050 1500 2400
Tell me about the monthly rents. Choose the appropriatedescription.
a.
The shape of the distribution of monthly rentals issymmetric.
The typical monthly rent is $1223.
The spread is given by the standard deviation, $425.
The monthly rents do not vary much.
b.
The shape of the distribution of monthly rentals is rightskewed.
The typical monthly rent is 1067.
The spread is given by the Five Number Summary:
Minimum        645
Q1                  905
Median          1067
Q3                 1504.5
Maximum      2400
The monthly rents don't vary much.
c.
The shape of the distribution of monthly rentals issymmetric.
The typical monthly rent is $1223.
The spread is .35
The monthly rents do not vary much.
d.
The shape of the distribution of monthly rentals is rightskewed.
The typical monthly rent is $1067.
The spread is given by the Five Number Summary:
Minimum $645
Q1    $905
Median $1067
Q3 $1505
Maximum $2400
The monthly rents vary a lot.

Answer & Explanation Solved by verified expert

3.9 Ratings (568 Votes)

For this question i will be using the Minitab software it canalso be done by excel1st we plot a histogram of the data given on monthly rent to seeif the data is symmetric or skewedSteps to create Histogram in Minitab Enter the data in a column and name the column lets sayC1Go to graph then select histogramThere will be different options of customization ofhistogram for different purposesHere we select simpleNow a dialog box is opened select the variables bydouble clickingfor which you want the See Answer

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a.	The shape of the distribution of monthly rentals issymmetric. The typical monthly rent is $1223. The spread is given by the standard deviation, $425. The monthly rents do not vary much.
	b.	The shape of the distribution of monthly rentals is rightskewed. The typical monthly rent is 1067. The spread is given by the Five Number Summary: Minimum 645 Q1 905 Median 1067 Q3 1504.5 Maximum 2400 The monthly rents don't vary much.
	c.	The shape of the distribution of monthly rentals issymmetric. The typical monthly rent is $1223. The spread is .35 The monthly rents do not vary much.
	d.	The shape of the distribution of monthly rentals is rightskewed. The typical monthly rent is $1067. The spread is given by the Five Number Summary: Minimum $645 Q1 $905 Median $1067 Q3 $1505 Maximum $2400 The monthly rents vary a lot.