SOLUTION: Sir, I seek your assistance in deciphering the following problems if I may. I am totally lost with so much information thrust upon me without a basic concept of the pricipals. I
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Question 59534This question is from textbook
: Sir, I seek your assistance in deciphering the following problems if I may. I am totally lost with so much information thrust upon me without a basic concept of the pricipals. I respectfully thank you for your assistance you may provide.
Sheridan
1. select the variable “selling price” and find the mean, median, and standard deviation.
2. write a brief summary of the distribution of selling prices. (I can do this but I don't know the variable)using the same variable
3. develop a box plot – estimate the 3rd and 4th quartiles and comment on any outliers
4. develop a scatter diagram with price on the vertical axis and size of the home on the horizontal axis. Comment on the relationship you see or don’t see between these two variables.
use the mean and standard deviation you computed in #1 above. Use the normal distribution to estimate the percent of homes selling for more than $280.00. Compare this to the actual results. Does the normal distribution yield a good approximation of the actual results? Show how you arrived at your answer.
develop an 95% confidence interval for the mean selling price of the homes. Interpret your interval.
your real estate salesperson claims that the average selling price of homes in this area is $225,000. What do think about this claim and why
Excel Info Provided:
Price Bedrooms Size Pool Distance Twnship Garage Baths
263.1 4 2300 0 17 5 1 2
182.4 4 2100 1 19 4 0 2
242.1 3 2300 1 12 3 0 2
213.6 2 2200 1 16 2 0 2.5
139.9 2 2100 1 28 1 0 1.5
245.4 2 2100 0 12 1 1 2
327.2 6 2500 1 15 3 1 2
271.8 2 2100 1 9 2 1 2.5
221.1 3 2300 0 18 1 0 1.5
266.6 4 2400 1 13 4 1 2
292.4 4 2100 1 14 3 1 2
209 2 1700 1 8 4 1 1.5
270.8 6 2500 1 7 4 1 2
246.1 4 2100 1 18 3 1 2
194.4 2 2300 1 11 3 0 2
281.3 3 2100 1 16 2 1 2
172.7 4 2200 0 16 3 0 2
207.5 5 2300 0 21 4 0 2.5
198.9 3 2200 0 10 4 1 2
209.3 6 1900 0 15 4 1 2
252.3 4 2600 1 8 4 1 2
192.9 4 1900 0 14 2 1 2.5
209.3 5 2100 1 20 5 0 1.5
345.3 8 2600 1 9 4 1 2
326.3 6 2100 1 11 5 1 3
173.1 2 2200 0 21 5 1 1.5
187 2 1900 1 26 4 0 2
257.2 2 2100 1 9 4 1 2
233 3 2200 1 14 3 1 1.5
180.4 2 2000 1 11 5 0 2
234 2 1700 1 19 3 1 2
207.1 2 2000 1 11 5 1 2
247.7 5 2400 1 16 2 1 2
166.2 3 2000 0 16 2 1 2
177.1 2 1900 1 10 5 1 2
182.7 4 2000 0 14 4 0 2.5
216 4 2300 1 19 2 0 2
312.1 6 2600 1 7 5 1 2.5
199.8 3 2100 1 19 3 1 2
273.2 5 2200 1 16 2 1 3
206 3 2100 0 9 3 0 1.5
232.2 3 1900 0 16 1 1 1.5
198.3 4 2100 0 19 1 1 1.5
205.1 3 2000 0 20 4 0 2
175.6 4 2300 0 24 4 1 2
307.8 3 2400 0 21 2 1 3
269.2 5 2200 1 8 5 1 3
224.8 3 2200 1 17 1 1 2.5
171.6 3 2000 0 16 4 0 2
216.8 3 2200 1 15 1 1 2
192.6 6 2200 0 14 1 0 2
236.4 5 2200 1 20 3 1 2
172.4 3 2200 1 23 3 0 2
251.4 3 1900 1 12 2 1 2
246 6 2300 1 7 3 1 3
147.4 6 1700 0 12 1 0 2
176 4 2200 1 15 1 1 2
228.4 3 2300 1 17 5 1 1.5
166.5 3 1600 0 19 3 0 2.5
189.4 4 2200 1 24 1 1 2
312.1 7 2400 1 13 3 1 3
289.8 6 2000 1 21 3 1 3
269.9 5 2200 0 11 4 1 2.5
154.3 2 2000 1 13 2 0 2
222.1 2 2100 1 9 5 1 2
209.7 5 2200 0 13 2 1 2
190.9 3 2200 0 18 3 1 2
254.3 4 2500 0 15 3 1 2
207.5 3 2100 0 10 2 0 2
209.7 4 2200 0 19 2 1 2
294 2 2100 1 13 2 1 2.5
176.3 2 2000 0 17 3 0 2
294.3 7 2400 1 8 4 1 2
224 3 1900 0 6 1 1 2
125 2 1900 1 18 4 0 1.5
236.8 4 2600 0 17 5 1 2
164.1 4 2300 1 19 4 0 2
217.8 3 2500 1 12 3 0 2
192.2 2 2400 1 16 2 0 2.5
125.9 2 2400 1 28 1 0 1.5
220.9 2 2300 0 12 1 1 2
294.5 6 2700 1 15 3 1 2
244.6 2 2300 1 9 2 1 2.5
199 3 2500 0 18 1 0 1.5
240 4 2600 1 13 4 1 2
263.2 4 2300 1 14 3 1 2
188.1 2 1900 1 8 4 1 1.5
243.7 6 2700 1 7 4 1 2
221.5 4 2300 1 18 3 1 2
175 2 2500 1 11 3 0 2
253.2 3 2300 1 16 2 1 2
155.4 4 2400 0 16 3 0 2
186.7 5 2500 0 21 4 0 2.5
179 3 2400 0 10 4 1 2
188.3 6 2100 0 15 4 1 2
227.1 4 2900 1 8 4 1 2
173.6 4 2100 0 14 2 1 2.5
188.3 5 2300 1 20 5 0 1.5
310.8 8 2900 1 9 4 1 2
293.7 6 2400 1 11 5 1 3
179 3 2400 1 8 4 1 2
188.3 6 2100 0 14 2 1 2.5
227.1 4 2900 1 20 5 0 1.5
173.6 4 2100 1 9 4 1 2
188.3 5 2300 1 11 5 1 3
This question is from textbook
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
1. select the variable “selling price” and find the mean, median, and standard deviation.
The selling price is the 1st figure in each data line.
------------------
2. write a brief summary of the distribution of selling prices. (I can do this but I don't know the variable)using the same variable
The variable is "selling price".
------------------------
3. develop a box plot – estimate the 3rd and 4th quartiles and comment on any outliers
Same data. You need to know how to use EXCEL or to enter the data in
a graphing calculator and generate the box plot.
------------------
4. develop a scatter diagram with price on the vertical axis and size of the home on the horizontal axis. Comment on the relationship you see or don’t see between these two variables.
Same answer as #3. You must know how to use EXCEL or a graphing calculator.
-------------
use the mean and standard deviation you computed in #1 above. Use the normal distribution to estimate the percent of homes selling for more than $280.00. Compare this to the actual results. Does the normal distribution yield a good approximation of the actual results?
Standard problem requiring you to convert raw data values to z-values
then using your z-chart to find the required percentage.
--------------------------------
Show how you arrived at your answer.
develop an 95% confidence interval for the mean selling price of the homes. Interpret your interval.
your real estate salesperson claims that the average selling price of homes in this area is $225,000. What do think about this claim and why
Generate the confidence interval and draw your conclusion.
---------------
Cheers,
Stan H.
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