What is Central Tendency?

Use the data from your week 1 assignment, as well as, the summary statistics you found. Choose a sample size of 4 from the original 10 data points to find the standard error of the mean and explain your process. Use this to determine the probability of selecting a random sample of homes from your data set that has an average of three bedrooms or greater. Would you consider this likely or unlikely? Why? Justify your reasoning. Add a monthly rent value of $3,000 to your data set. Determine the standard error of the mean of your data. Assume that the sample you are taking is still four data points. How was the standard error affected? Recalculate the probability of selecting a sample of homes from your data set that has an average of three bedrooms or more. Is this more or less likely than the original probability? Write at least a 350-word summary of your findings with two citations and references. What does this data not tell you that would be important when choosing a rental?