Business, 27.04.2021 16:10 tonio638

The market research department of the National Real Estate Company conducted a survey among 500 prospective buyers in a suburb of a large metropolitan area to determine the maximum price a prospective buyer would be willing to pay for a house. From the data collected, the distribution that follows was obtained. Maximum Price Considered, x P(X = x)
(in thousands of dollars)
480 10
500
490 20
500
500 75
500
510 85
500
520 70
500
550 95
500
580 95
500
600 45
500
650 5
500

Required:
Compute the mean, variance, and standard deviation of the maximum price x that these buyers were willing to pay for a house.

Answers: 1

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