The provided histogram displays the prices (in thousands of dollars) of 17 homes sold between November 2011 and February 2012 in a Midwestern city.

In general this shape, right skewed with some unusually high values, is common for describing home values in many cities. For this reason, the median home value for a city is a useful parameter. This sample of recently sold homes had a median price (value) of $166,500. Someone considering moving to this city is interested in knowing if the median home value is more than $150,000.
Describe how you would generate a single randomization sample in this situation, and identify the statistic you would calculate from the sample.

Question

The provided histogram displays the prices (in thousands of dollars) of 17 homes sold between November 2011 and February 2012 in a Midwestern city.
 
 In general this shape, right skewed with some unusually high values, is common for describing home values in many cities. For this reason, the median home value for a city is a useful parameter. This sample of recently sold homes had a median price (value) of $166,500. Someone considering moving to this city is interested in knowing if the median home value is more than $150,000.
Describe how you would generate a single randomization sample in this situation, and identify the statistic you would calculate from the sample.

Quizplus · Accepted Answer

The Answer of The provided histogram displays the prices (in thousands of dollars) of 17 homes sold between November 2011 and February 2012 in a Midwestern city.
 
 In general this shape, right skewed with some unusually high values, is common for describing home values in many cities. For this reason, the median home value for a city is a useful parameter. This sample of recently sold homes had a median price (value) of $166,500. Someone considering moving to this city is interested in knowing if the median home value is more than $150,000.
Describe how you would generate a single randomization sample in this situation, and identify the statistic you would calculate from the sample.

The Provided Histogram Displays the Prices (In Thousands of Dollars)