Diablo Valley College

Diablo Valley College Business Division Spring 2006 Business Statistics Exam #1 (take home)

Your section #: ______Your Name: ______

Instructions: this exam is worth 15 points and 15% of your final grade. Each question is labeled as to the number of points it is worth. Show all your work in order to get full credit; answers alone won’t cut it. You may use the back of this page to show your work.

1. [11 points] The following table charts the summary statistics of two neighborhoods’ real property transactions over the month of June, 2005: Statistics Neighborhood A Neighborhood B Min 489,000 512,000 Max 782,000 1,221,000 Mean 602,000 780,000 Median 580,000 620,000 Quartile 1 520,000 580,000 Quartile 3 720,000 813,000 Variance 5,625,000,000 30,625,000,000 Standard deviation 75,000 175,000 Coefficient of variation Range Inter quartile range a. [1 point] Which neighborhood has higher priced homes? b. [1 point] In absolute dispersion terms, which neighborhood has more scattered home selling prices? c. [2 points] In relative dispersion terms, which neighborhood has less scattered home selling prices—here, you must calculate the statistics that are missing above in order to get the answer correct. d. [1 point] What is the shape of the distribution of home prices in each of the above neighborhoods? Explain. e. [1 point] In which of the above two neighborhoods are home prices more skewed, if any. f. [1 point] What percentage of homes sold in neighborhood A in the price range of $520,000 and $720,000? g. [2 points] Use the 68-95-99.7 Rule to estimate the relative frequency of homes form neighborhood B that sold for no less than $430,000 and no more than $1,130,000. h. [1 point] What percentage of homes in neighborhood B sold for more than $813,000? i. [1 point] What percentage of homes in neighborhood A sold for between $489,500 and $714,500?