Real Estate data
Referring to the same Real Estate data, which reports information on homes sold in Goodyear, 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.
b. Let selling price be the dependent variable and distance from the center of the city the independent variable. Determine the regression equation. Estimate the selling price of a home 20 miles from the center of the city.
c. Can you conclude that the independent variables “distance from the center of the city” and “selling price” are negatively correlated and that the area of the home and the selling price are positively correlated? Use the .05 significance level.
d. Summarize your results in a brief report.
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Refer to the Real Estate data, which report information on the homes sold in Goodyear, Arizona, last year. a. A recent article in the Arizona Republic indicated that the mean selling price of the home...
Refer to the Real Estate data, which report information on the
homes sold in Goodyear, 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 Goodyear, AZ,
area is more than $220,000? Use the .01 significance level. What is
the p-value?
b. The same article reported the mean size was more than 2,100...
3.) Refer to the real estate data and develop the following confidence intervals using statistical software....
3.) Refer to the real estate data and develop the
following confidence intervals using statistical software.
(Minitab: Stat – Basic Statistics – Graphical Summary – Select
variable, then enter a 95% Confidence Interval).
A) Develop a 95 percent confidence interval for the mean
selling price of the homes.
B) Develop a 95 percent confidence interval for the mean
distance the home is from the center of the city.
125 0 25 0 L5 0 15
A real estate analyst has developed a multiple regression line, y = 60 + 0.068 x1...
A real estate analyst has developed a multiple regression line, y = 60 + 0.068 x1 – 2.5 x2, to predict the market price of a home (in $1,000s), using two independent variables, x1 = the total number of square feet of living space, and x2 = the age of the house in years. With this regression model, what is the predicted price of a 10-year old home with 2,500 square feet of living space? Dependent / Response Variable Independent...
13. The Arizona Regional Multiple Listing Service publishes several books for the real-estate industry. One such...
13. The Arizona Regional Multiple Listing Service publishes several books for the real-estate industry. One such book deals with the region termed "Residential South-west," composed of Mesa, Temp, and Chandler, Arizona. This book indicates that the mean sale price of homes in that region is $277,500 with a standard deviation of $21,500. Suppose you take a sample of 250 homes from the area. a. Describe the distribution of the sample mean symbolically. (4 points) b. What is the probability the...
3. United Park City Properties real estate investment firm took a random sample of five condominium...
3. United Park City Properties real estate investment firm took a random sample of five condominium units that recently sold in the city. The sales prices Y (in thousands of dollars) and the areas X (in hundreds of square feet) for each unit are as follows Y= Sales Price ( * $1000) 36 80 44 55 35 X = Area (square feet) (*100) 9 15 10 11 10 The owner wants to forecast sales on the basis of the...
please help thank you! Selling Information For Real Estate Value Price SqFt Brick (1 if brick,...
please help thank you!
Selling Information For Real Estate Value Price SqFt Brick (1 if brick, if othewise) $241,255 3,392 0 $184,518 2,038 1 $176,488 1,906 0 $240,068 3,329 0 $169,760 1,828 0 $185,335 2,081 0 $172,735 1, 9260 $224,281 3,4250 $172,589 1,676 1 $214,635 2,735 1 $199,666 2,373 1 $208,348 2,662 1 $218,360 2, 8341 $230,160 3, 2540 $164,812 1,431 0 $191,560 1,839 1 $203,255 2, 4561 $173,325 1,530 $168,073 1.381 1 $179,620 1,4571 TABLE 4 Industrial CEO Salary...
For a national comparison, a real estate magazine is interested in estimating the average price of...
For a national comparison, a real estate magazine is interested in estimating the average price of a house in an area of Raleigh. The area is composed of three neighborhoods consisting of 200, 250 and 400 homes, respectively. In each neighborhood, a SRS of homes is taken. The data are summarized in the following table. Neighborhood Sample size Sample Mean Sample Variance 1 12 150,000 400,000 2 15 223,000 210,000 3 18 318,000 450,000 Using an unbiased estimator, give an...
A certain city divides naturally into ten district neighborhoods. How might a real estate appraiser select...
A certain city divides naturally into ten district neighborhoods. How might a real estate appraiser select a sample of single-family homes that could be used as a basis for developing an equation to predict appraised value from characteristics such as age, size, number of bathrooms, distance to the nearest school, and so on? (Please choose answer from bold down below) 1. An appropriate method is to randomly select which district to survey, and record data for each home in that...
1. In the Real Estate data example, we predicted Prices using one or more independent variables....
1. In the Real Estate data example, we predicted Prices using
one or more independent variables. If you were conducting Simple
Linear Regression, using Distance to the Nearest MRT Station as the
independent variable, what would the R squared value be?
2. If the correlation coefficient between House Age and House
Price is -0.210567. Without doing a regression analysis, state the
R squared value of the simple linear regression between House Age
and House Price.
3.
Consider the following multiple...
Please list the steps- State hypothesis Critical values Test statistics decision and summarize A real estate...
Please list the steps- State hypothesis Critical values Test statistics decision and summarize A real estate agent compares the selling prices of randomly selected homes in two municipalities in southwestern Pennsylvania to see if there is a difference. The results of the study are shown below. Is there enough evidence to suggest that the average cost of a home in both locations is the same? Use ? = 0.01. Scott Sample size 35 Mean selling price $93,430 Population standard deviation...
Refer to the Real Estate data, which report information on the
homes sold in Goodyear, 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 Goodyear, AZ,
area is more than $220,000? Use the .01 significance level. What is
the p-value?
b. The same article reported the mean size was more than 2,100...
3.) Refer to the real estate data and develop the
following confidence intervals using statistical software.
(Minitab: Stat – Basic Statistics – Graphical Summary – Select
variable, then enter a 95% Confidence Interval).
A) Develop a 95 percent confidence interval for the mean
selling price of the homes.
B) Develop a 95 percent confidence interval for the mean
distance the home is from the center of the city.
125 0 25 0 L5 0 15
13. The Arizona Regional Multiple Listing Service publishes several books for the real-estate industry. One such book deals with the region termed "Residential South-west," composed of Mesa, Temp, and Chandler, Arizona. This book indicates that the mean sale price of homes in that region is $277,500 with a standard deviation of $21,500. Suppose you take a sample of 250 homes from the area. a. Describe the distribution of the sample mean symbolically. (4 points) b. What is the probability the...
please help thank you!
Selling Information For Real Estate Value Price SqFt Brick (1 if brick, if othewise) $241,255 3,392 0 $184,518 2,038 1 $176,488 1,906 0 $240,068 3,329 0 $169,760 1,828 0 $185,335 2,081 0 $172,735 1, 9260 $224,281 3,4250 $172,589 1,676 1 $214,635 2,735 1 $199,666 2,373 1 $208,348 2,662 1 $218,360 2, 8341 $230,160 3, 2540 $164,812 1,431 0 $191,560 1,839 1 $203,255 2, 4561 $173,325 1,530 $168,073 1.381 1 $179,620 1,4571 TABLE 4 Industrial CEO Salary...
1. In the Real Estate data example, we predicted Prices using
one or more independent variables. If you were conducting Simple
Linear Regression, using Distance to the Nearest MRT Station as the
independent variable, what would the R squared value be?
2. If the correlation coefficient between House Age and House
Price is -0.210567. Without doing a regression analysis, state the
R squared value of the simple linear regression between House Age
and House Price.
3.
Consider the following multiple...
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