Descriptive Statistics 2. Use Statistix to create the descriptive statistics for
ID: 2945860 • Letter: D
Question
Descriptive Statistics 2. Use Statistix to create the descriptive statistics for the two quantitative variables that you collected data for. Make sure to include the n, minimum and maximum values, mean, median,Mean standard deviation, and the confidence interval | Up 92% CI endpoints for a 92% confidence interval. Paste the SD printout in the space provided here and answer the following questions. Price 75 13970 14277 14584 1496.5 2.240E+06 9500.0 14000 17000 eage 75 27891 | Lo 92% CI 32161 10416 1.085E+08 4846.0 30535 74270 Variance Median Maximum a. For your Price variable, interpret the standard deviation by giving me a range in which you think "most" of the values (ie, the x's) will fall. (Hint: you may need to do some math here) (3 points)Explanation / Answer
Standard deviation is the measure of spread of data values from the mean. It gives a idea about how far the variables are from mean. Small standard deviation means variables are not widely spread, large standard deviation means variables are widely spread.
Using rule of thumb,
68% of the values will lie in the interval
mean +/- standard deviation
That is 14277 +/- 1496.5 = (12780.5, 15773.5)
95% of the values will lie in the interval
mean +/- 2. Standard deviation
That is 14277 +/- 2. 1496.5 = ( 11284, 17270)
99.7 % of the values will fall in the interval
mean +/- 3. Standard deviation
That is (9787.5, 18766.5)