## Related questions with answers

The high costs in the California real estate market have caused families who cannot afford to buy bigger homes to consider backyard sheds as an alternative form of housing expansion. Many are using the backyard structures for home offices, art studios, and hobby areas as well as for additional storage. The mean price of a customized wooden, shingled backyard structure is $3100 (Newsweek, September 29, 2003). Assume that the standard deviation is$1200.

What is the z-score for a backyard structure costing $2300?

Solutions

VerifiedThe goal of the exercise is to find the z-score when It is given that the mean $\mu=\ 3100$. Also, the standard deviation is $\sigma=\$ 1200$. So we will use the following formula: The formula for z-score is:

$Z=\frac{X-\mu}{\sigma}$

Given:

- $\mu=$ Mean $=3100$
- $\sigma=$ Standard Deviation $=1200$

In this exercise, we determine the z-score corresponding to $2,300.

*How can the z-score be determined?*

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