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Author Question: Would the mode be a useful summary statistic for these data? Why? What will be an ideal ... (Read 49 times)

ishan

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on: Jun 24, 2018
Would the mode be a useful summary statistic for these data? Why?
 
  What will be an ideal response?

Question 2

Calculate the forecast value for the year 1905, if the real home price index for that year is 98.056.
 
  A) 100.31
  B) 98.51
  C) 98.06
  D) cannot be determined


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momolu

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Reply #1 on: Jun 24, 2018
Answer to Question 1

The mode is defined to be the most common value, and is most often used to describe qualitative data. Here, the data are quantitative. The mode is not very useful for such data.

Answer to Question 2

B


ishan

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Reply 2 on: Jun 24, 2018
Thanks for the timely response, appreciate it

robbielu01

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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