Q: Suppose that the same simulation as in Q5 generated the following random instances for the demand for luxury apartments, DL: 5, 7, 12, and 13. Calculate the four corresponding values of the profit from the sales of luxury apartments (i.e., the sum of profits at both the high profit margin of $900,000 and the low profit margin of $150,000) and use Excel to generate the descriptive statistics for this sample of four profit values. What is the sample standard deviation, in millions of $, of these four profit values? Choose the closest from the answers below.
or
Q: Assume that the following random cases for the demand for luxury flats, DL: 5, 7, 12, and 13, were produced by the same simulation as in Q5. In Excel, create descriptive statistics for this sample of four profit values by calculating the four equivalent values of the profit from the sales of luxury flats (that is, the total of profits at both the high profit margin of $900,000 and the low profit margin of $150,000). What is the sample standard deviation of these four profit numbers, expressed in millions of dollars? From the following responses, select the one that is closest.
- 5.7
- 1.7
- 2.7
- 4.7
- 3.7
Explanation: The sample standard deviation is approximately 3.5 million, and the closest answer is 3.7 million.
