A Sample of 117 Records of the Selling Price of Homes

question 69

Multiple Choice

A sample of 117 records of the selling price of homes from Feb 15 to Apr 30, 2018 was taken from the files maintained by the Albuquerque Board of Realtors.The following are summary statistics for the selling prices. $$\begin{array} { | l | l | l | l | l | l | l | l | } \hline \text { Variable } & \mathrm { N } & \text { Mearn } & \text { Mirirmum } & \text { Q1 } & \text { Mediarl } & \text { Q3 } & \text { Maxirmlum } \\\hline \text { Prices } & 117 & 106270 & 54000 & 77650 & 96000 & 121750 & 215000 \\\hline\end{array}$$ From this we can conclude that,

• A)There are no outliers
• B)More homes were sold for greater than $121750 than for less than $77650
• C)68% of the selling price of these homes is from $77650 to $121750
• D)25% of the selling price of these homes is at least $121750
• E)The distribution of selling price of these homes is negatively skewed.

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Definitions:

Confirmation Bias

The proclivity to pursue, interpret, be inclined towards, and remember evidence that verifies one's antecedent beliefs or hypotheses.

Framing Effect

A cognitive bias where people react differently to a particular choice or decision depending on how it is presented to them.

Overconfidence

The condition of being excessively confident or assured in one’s ability, correctness, or reliability, often without sufficient reason.

Framing Effect

A cognitive bias where people react differently to a choice depending on how it is presented, or "framed," especially as a loss or gain.