Question

the mean value of land and buildings per acre from a sample of farms is $1400 with a standard deviation of $300 the data set has a bell shaped distribution assume the number of farms in the sample is 72 use empirical rule to estimate the number of farms whose land and building values per acre are between $1100 and $1700

Answer 1

Using the Empirical Rule, it is found that 49 farms in the sample have land and building values per acre between $1100 and $1700.

What does the Empirical Rule state?

It states that, for a normally distributed random variable:

• Approximately 68% of the measures are within 1 standard deviation of the mean.

• Approximately 95% of the measures are within 2 standard deviations of  the mean.

• Approximately 99.7% of the measures are within 3 standard deviations of the mean.

Considering the given mean and standard deviation, values between $1100 and $1700 are within 1 standard deviation of the mean, which is a percentage of 68%.

Hence, the number of farms out of 72 is:

0.68 x 72 = 49 farms.

More can be learned about the Empirical Rule at brainly.com/question/24537145

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