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01 May 2020, 04:10
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The county with the largest median home price in 2010 had the greatest number of new constructions begin in 2010?: Yes
No county with a median home price above $400,000 in 2010 had a decrease in the number of new constructions from 2010 to 2011?: No
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Project IR Butler 2019-20 - Get one IR Question Everyday
Question # 210, Date : 29-Apr-2020
This post is a part of Project IR Butler 2019-20. Click here for Details
Question # 210, Date : 29-Apr-2020
This post is a part of Project IR Butler 2019-20. Click here for Details
The following table shows home sales data for 15 counties in the year 2011. Percent changes are taken from the prior year, 2010.
| County | Median Home Price | % Change Median | Mean Home Price $ | Change Mean | New Constructions | % Increase, New Constructions |
|---|---|---|---|---|---|---|
| Dempster | 399,335 | -0.5 | 392,414 | -0.9 | 14,445 | -0.4 |
| Hill | 424,259 | -2.4 | 473,802 | -0.5 | 22,050 | 1.2 |
| Hoff | 376,825 | -1.4 | 384,289 | -1.1 | 19,025 | -0.9 |
| Hutchinson | 409,742 | -2.5 | 426,314 | -0.2 | 17,255 | 0.3 |
| Lanzillotti | 359,204 | -0.8 | 363,828 | -1.4 | 16,220 | -1.8 |
| Malave | 384,874 | -1.4 | 389,516 | -1.2 | 15,535 | -0.3 |
| Meyer | 374,214 | -1.8 | 373,219 | -1.4 | 19,265 | -0.4 |
| Miller | 362,877 | -1.9 | 371,820 | -1.7 | 19,235 | -2.1 |
| Patrick | 382,414 | -1.4 | 380,224 | -1.3 | 13,460 | -0.3 |
| Peck | 414,380 | -1.9 | 412,442 | -0.8 | 21,125 | 1.5 |
| Pierce | 402,654 | -1.8 | 406,809 | -1.2 | 20,680 | 0.6 |
| Portnoy | 348,802 | -2.1 | 351,225 | -2.4 | 18,420 | -1.8 |
| Rechner | 355,283 | -1.7 | 353,235 | -1.6 | 18,920 | -1.1 |
| Slade | 404,289 | -2.7 | 401,357 | -2.9 | 18,840 | 0.2 |
| White | 344,218 | -2.6 | 348,941 | -2.8 | 16,645 | -1.4 |
Which of the following conclusions can be drawn from the table above?
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Question #2 based on the same table is available here
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| Yes | No | |
| The county with the largest median home price in 2010 had the greatest number of new constructions begin in 2010? | ||
| No county with a median home price above $400,000 in 2010 had a decrease in the number of new constructions from 2010 to 2011? |
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Official Answer
The county with the largest median home price in 2010 had the greatest number of new constructions begin in 2010?: Yes
No county with a median home price above $400,000 in 2010 had a decrease in the number of new constructions from 2010 to 2011?: No
01 May 2020, 05:41
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1)Yes,since Hill which has high Median home price,had the greatest construction in 2010 since in 2011 it has a 1.2% increment so in 2010 it was 22050/1.012= 21788
2)No,Since we can see one exception Dempster
3)No,since Patrtick is not included in the list
4)Yes,since avg is 426314 and median is 409742 and total number of construction is 17255 so at least half of the homes were sold for less than avg price
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2)No,Since we can see one exception Dempster
3)No,since Patrtick is not included in the list
4)Yes,since avg is 426314 and median is 409742 and total number of construction is 17255 so at least half of the homes were sold for less than avg price
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01 May 2020, 12:43
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1. The county with the largest median home price in 2010 had the greatest number of new constructions begin in 2010?
The county with the largest median home price in 2010 - Hill, since it has the highest in 2011, even after a decrease of 2.4%,
now the country with the highest number of new constructions begin in 2010 = can be either Hill or Peck, so
for Hill let the number of new constructions in 2010 was x, therefore,
x+(1.2/100)x = 22050, which on solving we get x as: 21788
or Peck let the number of new constructions in 2010 was y, therefore,
y+(1.5/100)y = 21125, which on solving we get x as: 20812,
we can see that Hill has the highest number of new constructions begin in 2010,
So Yes, 1 can be concluded from the data mentioned in the table.
2. No county with a median home price above $400,000 in 2010 had a decrease in the number of new constructions from 2010 to 2011?
Now Countries with a median home price above $400,000 in 2010 are (easy to check since the %change is very less): Hill, Hutchinson, Peck, Pierce, Slade, White.
Now we need to check if any of these countries had a decrease in the number of new constructions from 2010 to 2011 - so from the table we can see that White has a -% change in the no. of new constructions. => that No. there is a country with the above ask.
So No, White is the exception in this case.
3.The three counties with the lowest mean home prices in 2011 had the three lowest numbers of new constructions in 2011?
Now the 3 countries with the lowest mean home prices in 2011 are: White, Portnoy and Rechner, in this order.
Now we need to check if they had the three lowest numbers of new constructions in 2011 - Patrick, Dempster and Malave.
So No, the 3 countries with the lowest mean home prices in 2011 did not have the 3 lowest numbers of new construction in 2011.
4.At least half of the homes in Hutchinson county sold for less than the average home price in that county in 2011?
So for Hutchinson - mean home price is : 426314, and median home price is: 409742 and we also know the number of new constructions in 2011 - 17255.
Now mean is close but, not lower than the median and if we look at the total no. of new constructions => almost half sold for < mean price.
So Yes.
The county with the largest median home price in 2010 - Hill, since it has the highest in 2011, even after a decrease of 2.4%,
now the country with the highest number of new constructions begin in 2010 = can be either Hill or Peck, so
for Hill let the number of new constructions in 2010 was x, therefore,
x+(1.2/100)x = 22050, which on solving we get x as: 21788
or Peck let the number of new constructions in 2010 was y, therefore,
y+(1.5/100)y = 21125, which on solving we get x as: 20812,
we can see that Hill has the highest number of new constructions begin in 2010,
So Yes, 1 can be concluded from the data mentioned in the table.
2. No county with a median home price above $400,000 in 2010 had a decrease in the number of new constructions from 2010 to 2011?
Now Countries with a median home price above $400,000 in 2010 are (easy to check since the %change is very less): Hill, Hutchinson, Peck, Pierce, Slade, White.
Now we need to check if any of these countries had a decrease in the number of new constructions from 2010 to 2011 - so from the table we can see that White has a -% change in the no. of new constructions. => that No. there is a country with the above ask.
So No, White is the exception in this case.
3.The three counties with the lowest mean home prices in 2011 had the three lowest numbers of new constructions in 2011?
Now the 3 countries with the lowest mean home prices in 2011 are: White, Portnoy and Rechner, in this order.
Now we need to check if they had the three lowest numbers of new constructions in 2011 - Patrick, Dempster and Malave.
So No, the 3 countries with the lowest mean home prices in 2011 did not have the 3 lowest numbers of new construction in 2011.
4.At least half of the homes in Hutchinson county sold for less than the average home price in that county in 2011?
So for Hutchinson - mean home price is : 426314, and median home price is: 409742 and we also know the number of new constructions in 2011 - 17255.
Now mean is close but, not lower than the median and if we look at the total no. of new constructions => almost half sold for < mean price.
So Yes.
