SOLUTION: The mean value of land and buildings per acre from a sample of farms is $1700.00, with a standard deviation of $100.00. The data set has a bell-shaped distribution. Assume the numb

Question 781658: The mean value of land and buildings per acre from a sample of farms is $1700.00, with a standard deviation of $100.00. The data set has a bell-shaped distribution. Assume the number of farms in the sample is 78. Use the empirical rule to estimate the number of farms whose land and buildings values per acre are between $1500.00 and $1900.00.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
The mean value of land and buildings per acre from a sample of farms is $1700.00, with a standard deviation of $100.00. The data set has a bell-shaped distribution. Assume the number of farms in the sample is 78. Use the empirical rule to estimate the number of farms whose land and buildings values per acre are between $1500.00 and $1900.00.
1500 is 2 standard deviations below the mean
1900 is 2 standard deviations above the mean
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Chebyshev's Rule says
at least (1-(1/2)^2) = 0.75 or 75% of the data lies
within 2 standard deviations of the mean.
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Ans: 0.75*78 is approximately 59
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Cheers,
Stan H.
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