If The Average Price Of A New Home Is $145,500, Find The Maximum And Minimum Prices Of The Houses That A Contractor Will Build To Include The Middle 80% Of The Market? Assume That The Standard Deviation Of Prices Is $1500 And The Variable Is Normally Distributed.
Answer:
The part of the market you are not interested in is the top 10% and the bottom 10%, so you want to find the values that create the cumulative Normal probability function be .1 and .9. There is a calculator here that can help.
For a cumulative probability of 0.1, a mean of 145500, and a standard deviation of 1500, the price is $143,577.67.
For a cumulative probability of 0.9, a mean of 145500, and a standard deviation of 1500, the price is $147,422.33.
The contractor requests to price her product between $143,577.67 and $147,422.33.
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