The Variable Selling Price Discussion
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Refer to the Real Estate data, which report information on homes sold in the Phoenix, Arizona, area last year. Business Statistics.
Select the variable selling price.
Find the mean, median, and the standard deviation.
Write a brief summary of the distribution of selling prices.
Select the variable referring to the area of the home in square feet.
Find the mean, median, and the standard deviation.
Write a brief summary of the distribution of the area of homes.
Develop a box plot. Estimate the first and the third quartiles. Are there any outliers?
Develop a scatter diagram with price on the vertical axis and the size of the home on the horizontal. Does there seem to be a relationship between these variables? Is the relationship direct or inverse?
Develop a scatter diagram with price on the vertical axis and distance from the center of the city on the horizontal axis. Does there seem to be a relationship between these variables? Is the relationship direct or inverse.
A. Create a probability distribution for the number of bedrooms. Compute the mean and the standard deviation of this distribution.
B. Create a probability distribution for the number of bathrooms. Compute the mean and the standard deviation of this distribution.
A. The mean selling price (in $ thousands) of the homes was computed earlier to be $221.10, with a standard deviation of $47.11. Use the normal distribution to estimate the percent of homes selling for more than $280.0. Compare this to the actual results. Does the normal distribution yield a good approximation of the actual results?
B. The mean distance from the center of the city is 14.629 miles with a standard deviation of 4.874 miles. Use the normal distribution to estimate the number of homes 18 or more miles but less than 22 miles from the center of the city. Compare this to the actual results. Does the normal distribution yield a good approximation of the actual results?
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