Chebyshev’s Theorem and the Empirical Rule, economics homework help

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Calculate measures of dispersion for both listing prices and square footages. Those measures are range, variance, and standard deviation.

Apply Chebyshev’s Theorem and the Empirical Rule to both the listing price and square footage data. More specifically, calculate the percentage of data that should theoretically fall within 1, 2, and 3 standard deviations of the mean based on Chebyshev’s Theorem and the Empirical Rule. Then compare the percentage of values in your dataset that actually fall within 1, 2, and 3 standard deviations of the mean. Does Chebyshev’s Theorem hold for your data? How closely do your data follow the Empirical Rule?

 

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