Real Estate Assignment

Topics: Statistics, Regression analysis, Prediction interval Pages: 2 (464 words) Published: May 31, 2012
QNT351~WK5 Individual Assignment: Real Estate Data

DUE SUNDAY, MAY 21st

Resources: Appendix A1 at the end of Basic Statistics for Business and Economics (See attached Chapters 10 & 13 to answer questions below)

QUESTION #1:
Answer question 58 in the Data Set Exercises from Ch. 10 of Basic Statistics for Business and Economics.

Exercise #58: Refer to the Real Estate data, which report information on homes sold in Phoenix, Arizona, last year.

a. A recent article in The Arizona Republic indicated that the mean selling price of the homes in the area is more than \$220,000. Can we conclude that the mean selling price in the Denver area is more than \$220,000? Use the .01 significance level. What is the p-value? ANSWER:

b. The same article reported the mean size was more than 2,100 square feet. Can we conclude that the mean size of homes sold in the Denver area is more than 2,100 square feet? Use the .01 significance level. What is the p-value? ANSWER:

c. Determine the proportion of homes that have an attached garage. At the .05 significance level can we conclude that more than 60 percent of the homes sold in the Denver area had an attached garage? What is the p-value? ANSWER:

d. Determine the proportion of homes that have a pool. At the .05 significance level, can we conclude that less than 40 percent of the homes sold in the Denver area had a pool? What is the p-value? ANSWER:

QUESTION #2:
Answer question 62 in the Data Set Exercises from Ch. 13 of Basic Statistics for Business and Economics.

Exercise #62: Refer to the Real Estate data, which report information on homes sold in Phoenix, Arizona, last year.

a. Let selling price be the dependent variable and size of the home the independent variable. Determine the regression equation. Estimate the selling price for a home with an area of 2,200 square feet. Determine the 95 percent confidence interval and the 95 percent prediction interval for the selling price of...