Question

In: Statistics and Probability

The following data were collected about 10 houses that were sold in March in Crystal, KY....

The following data were collected about 10 houses that were sold in March in Crystal, KY.

At the 0.05 significance level, test the hypothesis that there is no significant relationship between square footage and selling price.

Square Footage Selling Price
(Feet) (Us Dollars)
1450 150000
1900 212000
1670 195000
2000 235000
1450 175000
2200 275000
1900 180000
2400 255000
3000 230000
2800 245000

Solutions

Expert Solution

Square Footage (X) Selling Price (Y) X * Y
1450 150000 217500000 2102500 22500000000
1900 212000 402800000 3610000 44944000000
1670 195000 325650000 2788900 38025000000
2000 235000 470000000 4000000 55225000000
1450 175000 253750000 2102500 30625000000
2200 275000 605000000 4840000 75625000000
1900 180000 342000000 3610000 32400000000
2400 255000 612000000 5760000 65025000000
3000 230000 690000000 9000000 52900000000
2800 245000 686000000 7840000 60025000000
Total 20770 2152000 4604700000 45653900 4.77294E+11

To Test :-

H0 :-

H1 :-

Test Statistic :-


t = 2.8912


Test Criteria :-
Reject null hypothesis if


Result :- Reject null hypothesis


Decision based on P value
P - value = 0.0202
Reject null hypothesis if P value < level of significance
P - value = 0.0202 < 0.05 ,hence we reject null hypothesis
Conclusion :- We reject H0

There is no sufficient evidence to support the claim that is no significant relationship between square footage and selling price.


Related Solutions

Suppose the following data were collected from a sample of 1515 houses relating selling price to...
Suppose the following data were collected from a sample of 1515 houses relating selling price to square footage and the architectural style of the house. Which of the following is the best equation to use relating the selling price of a house to square footage and the style of the house? Copy Data Housing Prices Selling Price Square Footage Colonial (1 if house is Colonial style, 0 otherwise) Ranch (1 if house is Ranch style, 0 otherwise) Victorian (1 if...
A real estate agent has collected a random sample of 75 houses that were recently sold...
A real estate agent has collected a random sample of 75 houses that were recently sold in a suburban community. She is particularly interested in comparing the appraised value and recent selling price of the houses in this particular market. Using this sample data below, find a 95% confidence interval for the mean difference between the appraised values and selling prices of the houses sold in this suburban community. Interpret the confidence interval for the real estate agent. ------------------------------------------------ House...
The following data give the selling price and square footage of houses that have sold in...
The following data give the selling price and square footage of houses that have sold in Bend, OR in the past 6 months. Selling Price ($) Square Footage 84,000 1,670 79,000 1,339 91,500 1,712 120,000 1,840 127,500 2,300 132,500 2,234 145,000 2,311 164,000 2,377 155,000 2,736 168,000 2,500 172,500 2,500 174,000 2,479 175,000 2,400 177,500 3,124 184,000 2,500 195,500 4,062 195,000 2,854 Graph the data to see whether a linear equation might describe the relationship between selling price and the...
The following data were collected from a survey of 10 randomly selected college students: Find the...
The following data were collected from a survey of 10 randomly selected college students: Find the mean, median, mode, variance, standard deviation, the five number summary report of the hours per week of the sample of students’ studied. Show your work. Student ID Facebook # hours of study per week 244701130 Yes 8 302896051 no 5 734077249 yes 11 891072704 yes 5 730265917 yes 9 894866913 no 6 644678646 no 1 369417477 yes 1 388511718 yes 2 554470987 no 1
A sample of 30 houses that were sold in the last year was taken. The value...
A sample of 30 houses that were sold in the last year was taken. The value of the house (Y) was estimated. The independent variables included in the analysis were the number of rooms (X1), the size of the lot (X2), the number of bathrooms (X3), and a dummy variable (X4), which equals 0 if the house does not have a garage and equals 1 otherwise. The following results were obtained: Coefficients Standard Error Intercept 15,232.5 8,462.5 X1 2,178.4 778.0...
The city government has collected data on the square footage of houses within the city. They...
The city government has collected data on the square footage of houses within the city. They found that the average square footage of homes within the city limit is 1,240 square feet while the median square footage of homes within the city limits is 1,660 square feet. The city government also found that the standard deviation of home square footage within the city limits is 198 square feet. A statistician hired by a local home-carpeting company is going to randomly...
Data collected from a sample of houses are organized and stored in the Table below. Develop...
Data collected from a sample of houses are organized and stored in the Table below. Develop a regression model that predicts the Assessed value of a house based on size of the house and presence of a fireplace (Fireplace=1. No fireplace=0). assessed value size fireplace 234.4 2 1 227.4 1.71 0 225.7 1.45 0 235.9 1.76 1 229.1 1.93 0 220.4 1.2 1 225.8 1.55 1 235.9 1.93 1 228.5 1.59 1 229.2 1.5 1 236.7 1.9 1 229.3 1.39...
The city government has collected data on the square footage of houses within the city. They...
The city government has collected data on the square footage of houses within the city. They found that the average square footage of homes within the city limit is 1,240 square feet while the median square footage of homes within the city limits is 1,660 square feet. The city government also found that the standard deviation of home square footage within the city limits is 198 square feet. A statistician hired by a local home-carpeting company is going to randomly...
The city government has collected data on the square footage of houses within the city. They...
The city government has collected data on the square footage of houses within the city. They found that the average square footage of homes within the city limit is 1,240 square feet while the median square footage of homes within the city limits is 1,660 square feet. The city government also found that the standard deviation of home square footage within the city limits is 198 square feet. A statistician hired by a local home-carpeting company is going to randomly...
Wainwright Electric sold $3,000,000, 10%, 10-year bonds on March 1, 2015. The bonds were dated January...
Wainwright Electric sold $3,000,000, 10%, 10-year bonds on March 1, 2015. The bonds were dated January 1 and pay interest September 1 and March 1. Wainwright Electric uses the straight-line method to amortize bond premium or discount. The bonds were sold at 104. The company’s year ends on December 31. Instructions (a) Prepare the journal entry to record the issuance of the bonds on March 1, 2015.    (b) Prepare a bond premium amortization schedule for the first 4 interest...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT