Question
In: Statistics and Probability
Descriptive Statistic Price Living Area (Square Feet) Number of Bedrooms Number of Bathrooms Age (Years) Mean...
| Descriptive Statistic | Price | Living Area (Square Feet) | Number of Bedrooms | Number of Bathrooms | Age (Years) |
| Mean | 160695.775 | 1733.874 | 3.136 | 1.8805 | 27.871 |
| Standard Error | 2132.773719 | 17.45410352 | 0.022891658 | 0.019322088 | 1.012996802 |
| Median | 148829.5 | 1656 | 3 | 2 | 18 |
| Mode | 139079 | 1480 | 3 | 2.5 | 1 |
| Standard Deviation | 67444.22686 | 551.9472165 | 0.723897802 | 0.611018079 | 32.03377158 |
| Sample Variance | 4548723737 | 304645.7299 | 0.524028028 | 0.373343093 | 1026.162522 |
| Kurtosis | 3.889356216 | -0.420418335 | -0.363359978 | -1.004482917 | 5.291745807 |
| Skewness | 1.371395188 | 0.478357102 | 0.010298402 | 0.018867528 | 2.173487195 |
| Range | 552807 | 2785 | 4 | 3 | 208 |
| Minimum | 26049 | 672 | 1 | 1 | 0 |
| Maximum | 578856 | 3457 | 5 | 4 | 208 |
| Sum | 160695775 | 1733874 | 3136 | 1880.5 | 27871 |
| Count | 1000 | 1000 | 1000 | 1000 | 1000 |
Describe what the tabular data indicates about the central tendency, variability and distribution of each variable. For example, do the variables appear to be distributed in a symmetric or skewed pattern.
Solutions
Expert Solution
Sol:
Price
For Price mean=160695.775
median=148829.5
mean>median
Price is positvely skewed
standard deviation is 67444.22686
since standard deviation is high there is more variability in the observed values.
measure of center:median
measure of dispersion:range
| Living Area (Square Feet |
For living area, mean=1733.874
median=1656
mean>median
living area is positively skewed
standard deviation is 551.9472165
since standard deviation is high there is more variability in the observed values.
measure of center:median
measure of dispersion:range
| Number of Bedrooms |
For number of bed rooms, mean=3.136
median=3
mean is approximately equal to median equal to
living area is normal distributed
shape is symmetrical
since standard deviation is less there is less variability in the observed values.
Measure of center:mean
measure of dispersion:standard deviation
Number of Bathrooms
For number of bath rooms, mean=1.8805
median=2
mean is less than median
distribution is negatively skewed
since standard deviation is less there is less variability in the observed values.
measure of center:median
measure of dispersion:range
Age (Years)
For age
mean=27.871
median=18
mean>median
Distribution is positively skewed
since standard deviation is high,more variability in the observed values
measure of center:median
measure of variation:range
orchestra answered 1 year agoRelated Solutions
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$240,000
2,022
2.5
3
20
$235,000
1,578
2
3
20
$500,075
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1,744
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20
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2.5
3
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$225,000
1,398
2.5
3
20
$280,000
2,494
2.5
3
20
$225,000
2,208
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20
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2.5
3
20
$275,000
1,812
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2
20
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Square Feet
Number of Bedrooms
Age
Selling Price
1125
2
1
121500
1461
3
4
123600
1527
3
8
158100
1719
4
9
214800
1745
4
9
215500
2197
4
11
255000
2414
4
13
257200
28302830
4
14
262200
30153015
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282400
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Selling Price
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No. of Bedrooms
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64000
1670
2
30
59000
1339
2
25
61500
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30
79000
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3
40
87500
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18
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19
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10
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84,000
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30
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3
30
120,000
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3
40
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3
18
132,500
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3
30
145,000
2,311
3
19
164,000
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3
7
155,000
2,736
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10
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have been sold in a specific neighborhood over the last six
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Selling Price ($)
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Bedrooms
Age (years)
84,000
1,670
2
30
79,000
1,339
2
25
91,500
1,712
3
30
120,000
1,840
3
40
127,500
2,300
3
18
132,500
2,234
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2,311
3
19
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3
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155,000
2,736
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number of bedrooms, and the age of a house in years. These houses
have been sold in a specific neighborhood over the last six
months.
Selling Price ($)
Square Footage
Bedrooms
Age (years)
84,000
1,670
2
30
79,000
1,339
2
25
91,500
1,712
3
30
120,000
1,840
3
40
127,500
2,300
3
18
132,500
2,234
3
30
145,000
2,311
3
19
164,000
2,377
3
7
155,000
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10
168,000...
The following data give the selling price, square footage, number of bedrooms, and age of houses...
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number of bedrooms, and age of houses that have sold in a
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individually. Which of these is best?
Selling Price
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Bedrooms
Age (Years)
84000
1670
2
30
79000
1339
2
25
91500
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3
30
120000
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3
40
127500
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3
18
132500
2234
3
30...
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53.5
1008
5
2
35
49
1290
6
3
36
50.5
860
8
2
36
49.9
912
5
3
41
52
1204
6
3
40
55
1204
5
3
10
80.5
1764
8
4
64
86
1600
7
3
19
69
1255
5
3
16
149
3600
10
5
17
46
864
5
3
37
38
720
4
2
41
49.5
1008
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Bedrooms: $4,000 each;
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