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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Selling Price Living
Area (Sq Feet) No. Bathrooms No
Bedrooms Age (Years)
$240,000
2,022
2.5
3
20
$235,000
1,578
2
3
20
$500,075
3,400
3
3
20
$240,000
1,744
2.5
3
20
$270,000
2,560
2.5
3
20
$225,000
1,398
2.5
3
20
$280,000
2,494
2.5
3
20
$225,000
2,208
2.5
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20
$248,220
2,550
2.5
3
20
$275,000
1,812
2.5
2
20
$137,000
1,290
1
2
20
$150,000
1,172
2
2
20
$649,000
4,128
3.5
3
20
$195,000
1,816
2.5 ...
Effects on Selling Price of Houses Square Feet Number of Bedrooms Age Selling Price 1125 2...
Effects on Selling Price of Houses
Square Feet
Number of Bedrooms
Age
Selling Price
1125
2
1
121500
1461
3
4
123600
1527
3
8
158100
1719
4
9
214800
1745
4
9
215500
2197
4
11
255000
2414
4
13
257200
28302830
4
14
262200
30153015
5
14
282400
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The following data gives the selling
price, square footage, number of bedrooms, and age (in years) of
condominiums that were sold in a neighborhood in the Bronx in the
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Selling Price
Square Footage
No. of Bedrooms
Age of Condo
64000
1670
2
30
59000
1339
2
25
61500
1712
3
30
79000
1840
3
40
87500
2300
3
18
92500
2234
3
30
95000
2311
3
19
113000
2377
3
7
115000
2736
4
10
138000...
The following data gives the selling price, square footage, number of bedrooms, and the age of...
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Selling Price ($)
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
2,736
4
10
168,000
2,500...
2) The following data gives the selling price, square footage, number of bedrooms, and the age...
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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 ($)
Square Footage
Bedrooms
Age (years)
84,000
1,670
2
30
79,000
1,339
2
25
91,500
1,712
3
30
120,000
1,840
3
40
127,500
2,300
3
18
132,500
2,234
3
30
145,000
2,311
3
19
164,000
2,377
3
7
155,000
2,736
4
10
168,000...
The following data give the selling price, square footage, number of bedrooms, and age of houses...
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develop a regression model to predict selling price based on the
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2) The following data gives the selling price, square footage, number of bedrooms, and the age...
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number of bedrooms, and the age of a house in years. These houses
have been sold in a specific neighborhood over the last six
months.
Selling Price ($)
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
2,736
4
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
neighborhood in the past 6 months. Develop three regression models
to predict the selling price based upon each of the other factors
individually. Which of these is best?
Selling Price
Square Footage
Bedrooms
Age (Years)
84000
1670
2
30
79000
1339
2
25
91500
1712
3
30
120000
1840
3
40
127500
2300
3
18
132500
2234
3
30...
Sales price, y (thousands) Square feet, x1 Rooms, x2 Bedrooms, x3 Age, x4 53.5 1008 5...
Sales price, y
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Square feet, x1
Rooms, x2
Bedrooms, x3
Age, x4
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
6
3
35
103
1950...
Hedonic Price Given: Your property has 3,000 square feet, 4 bedrooms, 3 baths, a 20,000 square...
Hedonic Price
Given:
Your property has 3,000 square feet, 4 bedrooms, 3 baths, a
20,000 square foot lot, brick exterior, and is in “good”
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You propose to sell this property for $200,000.
New Information:
According to a recently estimated hedonic price regression, the
imputed prices of some housing characteristics are estimated as:
House size: $50 per square foot;
Lot size: $1.25 per square foot;
Bedrooms: $4,000 each;
Half bathroom: $750 each;
Brick exterior: $4,500 more than a frame exterior;...
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