Question
In: Statistics and Probability
The data below id from 128 recent sales in Mid City. For each sale, it shows...
The data below id from 128 recent sales in Mid City. For each sale, it shows the neighborhood (1, 2, or 3) of the house, # of offers made on the house, sq. footage, whether house is primarily made of brick, # of bathrooms, # of bedrooms, & selling price. Â Neghborhoods 1 & 2 are traditional, 3 is newer/more prestigious. Use regression to estimate & interpret the pricing structure of houses in Mid City.
Q2. Predict Price using SqFt as the independent variable. Is the relationship between these variables statistically significant? YES or NO
| Home | Nbhd | Offers | Sq Ft | Brick | Bedrooms | Bathrooms | Price |
| 1 | 2 | 2 | 1790 | No | 2 | 2 | 228600 |
| 2 | 2 | 3 | 2030 | No | 4 | 2 | 228400 |
| 3 | 2 | 1 | 1740 | No | 3 | 2 | 229600 |
| 4 | 2 | 3 | 1980 | No | 3 | 2 | 189400 |
| 5 | 2 | 3 | 2130 | No | 3 | 3 | 239600 |
| 6 | 1 | 2 | 1780 | No | 3 | 2 | 229200 |
| 7 | 3 | 3 | 1830 | Yes | 3 | 3 | 303200 |
| 8 | 3 | 2 | 2160 | No | 4 | 2 | 301400 |
| 9 | 2 | 3 | 2110 | No | 4 | 2 | 238400 |
| 10 | 2 | 3 | 1730 | No | 3 | 3 | 208000 |
| 11 | 2 | 3 | 2030 | Yes | 3 | 2 | 265000 |
| 12 | 2 | 2 | 1870 | Yes | 2 | 2 | 246000 |
| 13 | 1 | 4 | 1910 | No | 3 | 2 | 205200 |
| 14 | 1 | 5 | 2150 | Yes | 3 | 3 | 252600 |
| 15 | 3 | 4 | 2590 | No | 4 | 3 | 353600 |
| 16 | 3 | 1 | 1780 | No | 4 | 2 | 291600 |
| 17 | 2 | 4 | 2190 | Yes | 3 | 3 | 294200 |
| 18 | 1 | 4 | 1990 | No | 3 | 3 | 167200 |
| 19 | 2 | 1 | 1700 | Yes | 2 | 2 | 222800 |
| 20 | 3 | 2 | 1920 | Yes | 3 | 3 | 334400 |
| 21 | 2 | 3 | 1790 | No | 3 | 2 | 232400 |
| 22 | 1 | 4 | 2000 | No | 3 | 2 | 227600 |
| 23 | 1 | 3 | 1690 | No | 3 | 2 | 183400 |
| 24 | 1 | 3 | 1820 | Yes | 3 | 2 | 212200 |
| 25 | 2 | 2 | 2210 | Yes | 4 | 3 | 312800 |
| 26 | 1 | 3 | 2290 | No | 4 | 3 | 298600 |
| 27 | 3 | 3 | 2000 | No | 4 | 2 | 274000 |
| 28 | 2 | 2 | 1700 | No | 3 | 2 | 198600 |
| 29 | 1 | 3 | 1600 | No | 2 | 2 | 138200 |
| 30 | 3 | 1 | 2040 | Yes | 4 | 3 | 376000 |
| 31 | 3 | 3 | 2250 | Yes | 4 | 3 | 364000 |
| 32 | 1 | 2 | 1930 | Yes | 2 | 2 | 224600 |
| 33 | 2 | 3 | 2250 | Yes | 3 | 3 | 270000 |
| 34 | 2 | 4 | 2280 | Yes | 5 | 3 | 279200 |
| 35 | 1 | 3 | 2000 | No | 2 | 2 | 235600 |
| 36 | 1 | 3 | 2080 | No | 3 | 3 | 234200 |
| 37 | 1 | 2 | 1880 | No | 2 | 2 | 235000 |
| 38 | 3 | 4 | 2420 | No | 4 | 3 | 294000 |
| 39 | 3 | 1 | 1720 | No | 3 | 2 | 262600 |
| 40 | 1 | 2 | 1740 | No | 3 | 2 | 216400 |
| 41 | 2 | 1 | 1560 | No | 2 | 2 | 213200 |
| 42 | 3 | 2 | 1840 | No | 4 | 3 | 267200 |
| 43 | 2 | 3 | 1990 | No | 2 | 2 | 211200 |
| 44 | 2 | 1 | 1920 | Yes | 3 | 2 | 308000 |
| 45 | 3 | 2 | 1940 | Yes | 3 | 3 | 333000 |
| 46 | 2 | 3 | 1810 | No | 3 | 2 | 206400 |
| 47 | 1 | 2 | 1990 | No | 2 | 3 | 259600 |
| 48 | 1 | 6 | 2050 | No | 3 | 2 | 180600 |
| 49 | 2 | 2 | 1980 | No | 2 | 2 | 231800 |
| 50 | 1 | 3 | 1700 | Yes | 3 | 2 | 215000 |
| 51 | 2 | 3 | 2100 | Yes | 3 | 2 | 302200 |
| 52 | 1 | 3 | 1860 | No | 2 | 2 | 182200 |
| 53 | 1 | 4 | 2150 | No | 2 | 3 | 234800 |
| 54 | 1 | 3 | 2100 | No | 3 | 2 | 261600 |
| 55 | 1 | 3 | 1650 | No | 3 | 2 | 162600 |
| 56 | 2 | 2 | 1720 | Yes | 2 | 2 | 251400 |
| 57 | 2 | 3 | 2190 | Yes | 3 | 2 | 281800 |
| 58 | 3 | 3 | 2240 | No | 4 | 3 | 304600 |
| 59 | 3 | 1 | 1840 | No | 3 | 3 | 276200 |
| 60 | 3 | 1 | 2090 | No | 4 | 2 | 310800 |
| 61 | 3 | 1 | 2200 | No | 3 | 3 | 361800 |
| 62 | 1 | 2 | 1610 | No | 2 | 2 | 201800 |
| 63 | 3 | 2 | 2220 | No | 4 | 3 | 322600 |
| 64 | 2 | 2 | 1910 | No | 2 | 3 | 241000 |
| 65 | 3 | 2 | 1860 | No | 3 | 2 | 260600 |
| 66 | 1 | 1 | 1450 | Yes | 2 | 2 | 222200 |
| 67 | 1 | 4 | 2210 | No | 3 | 3 | 252400 |
| 68 | 2 | 3 | 2040 | No | 4 | 3 | 303800 |
| 69 | 1 | 4 | 2140 | No | 3 | 2 | 187200 |
| 70 | 3 | 3 | 2080 | No | 4 | 3 | 331200 |
| 71 | 3 | 3 | 1950 | Yes | 3 | 3 | 333400 |
| 72 | 3 | 1 | 2160 | No | 4 | 2 | 315200 |
| 73 | 1 | 3 | 1650 | No | 3 | 2 | 214600 |
| 74 | 2 | 2 | 2040 | No | 3 | 3 | 251400 |
| 75 | 3 | 3 | 2140 | No | 3 | 3 | 288400 |
| 76 | 1 | 2 | 1900 | No | 2 | 2 | 213800 |
| 77 | 3 | 2 | 1930 | No | 3 | 2 | 259600 |
| 78 | 3 | 3 | 2280 | Yes | 4 | 3 | 353000 |
| 79 | 1 | 3 | 2130 | No | 3 | 2 | 242600 |
| 80 | 3 | 1 | 1780 | No | 4 | 2 | 287200 |
| 81 | 2 | 4 | 2190 | Yes | 3 | 3 | 286800 |
| 82 | 3 | 2 | 2140 | Yes | 4 | 3 | 368600 |
| 83 | 3 | 1 | 2050 | Yes | 2 | 2 | 329600 |
| 84 | 2 | 2 | 2410 | No | 3 | 3 | 295400 |
| 85 | 1 | 3 | 1520 | No | 2 | 2 | 181000 |
| 86 | 3 | 2 | 2250 | Yes | 4 | 3 | 376600 |
| 87 | 1 | 4 | 1900 | No | 4 | 2 | 205400 |
| 88 | 3 | 1 | 1880 | Yes | 3 | 3 | 345000 |
| 89 | 1 | 2 | 1930 | No | 3 | 3 | 255400 |
| 90 | 1 | 4 | 2010 | No | 2 | 2 | 195600 |
| 91 | 3 | 2 | 1920 | No | 4 | 2 | 286200 |
| 92 | 2 | 2 | 2150 | No | 3 | 2 | 233000 |
| 93 | 3 | 2 | 2110 | No | 3 | 2 | 285200 |
| 94 | 2 | 2 | 2080 | No | 3 | 3 | 314200 |
| 95 | 3 | 3 | 2150 | Yes | 4 | 3 | 321200 |
| 96 | 3 | 1 | 1970 | Yes | 2 | 2 | 305000 |
| 97 | 2 | 3 | 2440 | No | 3 | 3 | 266600 |
| 98 | 2 | 1 | 2000 | Yes | 2 | 2 | 253600 |
| 99 | 3 | 1 | 2060 | No | 3 | 2 | 291000 |
| 100 | 3 | 2 | 2080 | Yes | 3 | 3 | 342000 |
| 101 | 1 | 5 | 2010 | No | 3 | 2 | 206400 |
| 102 | 2 | 5 | 2260 | No | 3 | 3 | 246200 |
| 103 | 2 | 4 | 2410 | No | 3 | 3 | 273600 |
| 104 | 3 | 3 | 2440 | Yes | 4 | 3 | 422400 |
| 105 | 2 | 4 | 1910 | No | 3 | 2 | 164600 |
| 106 | 3 | 4 | 2530 | No | 4 | 3 | 293800 |
| 107 | 1 | 4 | 2130 | No | 3 | 2 | 217000 |
| 108 | 2 | 1 | 1890 | Yes | 3 | 2 | 268000 |
| 109 | 2 | 3 | 1990 | Yes | 3 | 3 | 234000 |
| 110 | 2 | 3 | 2110 | No | 3 | 2 | 217400 |
| 111 | 1 | 1 | 1710 | No | 2 | 2 | 223200 |
| 112 | 1 | 2 | 1740 | No | 2 | 2 | 229800 |
| 113 | 2 | 2 | 1940 | Yes | 2 | 2 | 247200 |
| 114 | 1 | 3 | 2000 | Yes | 3 | 2 | 231400 |
| 115 | 2 | 2 | 2010 | No | 4 | 3 | 249000 |
| 116 | 1 | 3 | 1900 | No | 3 | 3 | 205000 |
| 117 | 3 | 1 | 2290 | Yes | 5 | 4 | 399000 |
| 118 | 1 | 2 | 1920 | No | 3 | 2 | 235600 |
| 119 | 1 | 3 | 1950 | Yes | 3 | 2 | 300400 |
| 120 | 1 | 4 | 1920 | No | 2 | 2 | 219400 |
| 121 | 1 | 3 | 1930 | No | 2 | 3 | 220800 |
| 122 | 2 | 3 | 1930 | No | 3 | 3 | 211200 |
| 123 | 2 | 1 | 2060 | Yes | 2 | 2 | 289600 |
| 124 | 2 | 3 | 1900 | Yes | 3 | 3 | 239400 |
| 125 | 2 | 3 | 2160 | Yes | 4 | 3 | 295800 |
| 126 | 1 | 2 | 2070 | No | 2 | 2 | 227000 |
| 127 | 3 | 1 | 2020 | No | 3 | 3 | 299800 |
| 128 | 1 | 4 | 2250 | No | 3 | 3 | 249200 |
Solutions
Expert Solution
using excel>data analysis>regression
independent variable =sq ft
dependent varible = Price
| Regression Statistics | ||||||
| Multiple R | 0.5530 | |||||
| R Square | 0.3058 | |||||
| Adjusted R Square | 0.3003 | |||||
| Standard Error | 44951.0673 | |||||
| Observations | 128 | |||||
| ANOVA | ||||||
| df | SS | MS | F | Significance F | ||
| Regression | 1 | 112145452218.5470 | 112145452218.5470 | 55.5011 | 0.0000 | |
| Residual | 126 | 254595404968.9530 | 2020598452.1346 | |||
| Total | 127 | 366740857187.5000 | ||||
| Coefficients | Standard Error | t Stat | P-value | Lower 95% | Upper 95% | |
| Intercept | -20182.2598 | 37932.2080 | -0.5321 | 0.5956 | -95248.9843 | 54884.4647 |
| Sq Ft | 140.4526 | 18.8529 | 7.4499 | 0.0000 | 103.1432 | 177.7620 |
for every one unit increase in sq ft there is a $140.4526 increase in price.
since the p-value of f statistic is less than 0.05 so the relationship between these variables statistically significant
orchestra answered 2 years agoRelated Solutions
The data below id from 128 recent sales in Mid City. For each sale, it shows...
The data below id from 128 recent sales in Mid City. For each
sale, it shows the neighborhood (1, 2, or 3) of the house, # of
offers made on the house, sq. footage, whether house is primarily
made of brick, # of bathrooms, # of bedrooms, & selling price.
Neghborhoods 1 & 2 are traditional, 3 is newer/more
prestigious. Use regression to estimate & interpret the
pricing structure of houses in Mid City.
Q1. Predict Price (dependent variable) as...
The data below id from 128 recent sales in Mid City. For each sale, it shows...
The data below id from 128 recent sales in Mid City. For each
sale, it shows the neighborhood (1, 2, or 3) of the house, # of
offers made on the house, sq. footage, whether house is primarily
made of brick, # of bathrooms, # of bedrooms, & selling price.
 Neghborhoods 1 & 2 are traditional, 3 is newer/more
prestigious. Use regression to estimate & interpret the
pricing structure of houses in Mid City.
Q3. Based on the regression...
The data below id from 128 recent sales in Mid City. For each sale, it shows...
The data below id from 128 recent sales in Mid City. For each
sale, it shows the neighborhood (1, 2, or 3) of the house, # of
offers made on the house, sq. footage, whether house is primarily
made of brick, # of bathrooms, # of bedrooms, & selling price.
 Neghborhoods 1 & 2 are traditional, 3 is newer/more
prestigious. Use regression to estimate & interpret the
pricing structure of houses in Mid City.
Q4. Based on the regression...
The data below id from 128 recent sales in Mid City. For each sale, it shows...
The data below id from 128 recent sales in Mid City. For each
sale, it shows the neighborhood (1, 2, or 3) of the house, # of
offers made on the house, sq. footage, whether house is primarily
made of brick, # of bathrooms, # of bedrooms, & selling price.
 Neghborhoods 1 & 2 are traditional, 3 is newer/more
prestigious. Use regression to estimate & interpret the
pricing structure of houses in Mid City.
Q5. Run a multiple regression...
Homes for Sale The dataset HomesForSale has data on houses available for sale in three Mid-Atlantic...
Homes for Sale
The dataset HomesForSale has data on houses
available for sale in three Mid-Atlantic states (NY, NJ, and PA).
Table 1 shows the mean and standard deviation from the three
Mid-Atlantic states, in thousands of dollars. Use this table, the
knowledge that within the US the average house sells for about 265
thousand dollars1, and a 5% significance level to answer
the following questions.
State
n
Mean
Std. Dev.
New York
30
565.6
697.6
New Jersey
30
388.5...
Below is a table that shows ‘for’ and ‘against’ opinions on the topic: ‘City life is...
Below is a table that shows ‘for’ and ‘against’ opinions on the
topic: ‘City life is better than village
life. Discuss.’
Write an essay of about 250 words using ONLY the ideas given in the
table. You must write your
opinion in the conclusion
For------------------------------------- Against
Better facilities -------------------- Very noisy and crowded
More friends ---------------------- Too much traffic
More modern --------------------- Too much pollution
Better opportunities for jobs ---Very expensive
The table below shows the scores of 25 Mathematics students in two mid-term tests and the...
The table below shows the scores of 25 Mathematics students in
two mid-term tests and the Final test score.
Test 1
Test 2
Final Test
75
69
76
95
75
93
91
78
90
98
84
98
75
57
71
54
39
51
71
63
75
48
48
58
89
68
88
81
60
82
71
60
71
72
56
71
95
81
92
81
69
76
72
63
74
95
76
96
80
64
74
83
77
92
90...
5 people from group are given an ID ranging from 1-9 independent from each other's ID....
5 people from group are given an ID ranging from 1-9 independent
from each other's ID. What is the probability that at least 2
people share an ID number?
The table below shows data collected on the vessel calls for a port in Ghana, from...
The table below shows data collected on the vessel calls for a
port in Ghana, from 2007-2016 to study the relationship between the
number of Commercial Vessels (C.V.) and Offshore Vessels (O. V.).
Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 C. V. (X)
527 486 481 558 623 611 606 543 615 673 O. V. (Y ) 67 129 475 719
1175 1053 758 844 910 928 Assuming a linear regression model E(Y |X
= x)...
The table shows the number of days on the market for the 36 recent home sales...
The table shows the number of days on the market for the 36
recent home sales in the city of Sonando Hills.
22
13
30
165
104
54
123
38
7
116
176
178
47
156
20
12
165
19
113
53
48
8
46
29
24
31
137
29
2
175
28
55
117
38
70
145
(a1) Construct a frequency distribution and
histogram, using nice (round) bin limits. (Round your
"percent" answers to 1 decimal place.)
Days on...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Why would UnderArmour want to be sure that consumers can clearly see different models ( about...
- Five years ago, Miguel invested a stock with price $35 per share. The stock price at...
- You are touring a distant planet on which the magnitude of the gravitational acceleration is 65%...
- GDP increased from $16.55 trillion to $17.28 trillion. What was the growth rate of GDP? The...
- Forming an Accountable Care Organization in a hospital setting What is an ACO and its reimbursement?...
- Implement a method that meets the following requirements: (a) Has the same requirements as the above...
- The Good’n’Fresh Grocery Store has two checkout lanes and four employees. Employees are equally skilled, and...
ADVERTISEMENT