Me on this question, guys! i know the answer for (a) so i'll write down, too. for (b) i tried "$89,000 because that is the price with the biggest unusual z-score" but i got that this part is incorrect because i needed to use the mean and standard deviation that i calculated along with z=2 to determine the threshold higher price. that got me lost.
question: consider the following prices for a sample of 10 congo-imported black diamonds: $34,550; $45,500; $75,000; $33,000; $89,000; $40,000; $55,000, $62,500; $88,000; $81,750.
(a) calculate mean and standard deviation for the above list of prices. mean is 60,430 and std dev is 21,958.0813.
(b) what is the higher price you will pay for a congo-imported diamond based on the sample from above? explain your rationale for that.