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Case Study 1 - Data Visualization and Descriptive Statistics The data file Home_Values.xlsx contains median home...

Case Study 1 - Data Visualization and Descriptive Statistics The data file Home_Values.xlsx contains median home values (Home Value), median household income (HH Inc), median per capita (Per Cap Inc) and percent of homes that are owner occupied (Pct Owner Occ) for each state and the District of Columbia. Prior to a more detailed analysis of the data, a company wants to get a good understanding of the 4 variables (e.g. central tendency, variability, shape of the distribution, pattern of relationship between the variables). A company representative contracts with you to help with this process. To help the company get a better understanding of the data, you are asked to perform the following analysis steps:

State Home Value HH Inc Per Cap Inc Pct Owner Occ
New York 303900 55603 30948 55.2
North Carolina 149100 45570 24745 68.1
North Dakota 111300 46781 25803 66.6
Ohio 136400 47358 25113 69.2
Oklahoma 104300 42979 23094 68.2
Oregon 252600 49260 26171 63.8
Pennsylvania 159300 50398 27049 71
Rhode Island 279300 54902 28707 62.5
South Carolina 134100 43939 23443 69.9
South Dakota 122200 46369 24110 68.9
Tennessee 134100 43314 23722 69.6
Texas 123500 49646 24870 64.8
Utah 218100 56330 23139 71.2
Vermont 208400 51841 27478 71.4
Virginia 255100 61406 32145 68.9
Washington 285400 57244 29733 64.8
West Virginia 94500 38380 21232 74.6
Wisconsin 169000 51598 26624 69.5
Wyoming 174000 53802 27860 70.2

Solutions

Expert Solution

The descriptive statistics of the data is:

Home Value HH Inc Per Cap Inc Pct Owner Occ
count 19 19 19 19
mean 1,79,715.79 49,827.37 26,104.53 67.811
sample standard deviation 67,262.61 5,843.50 2,875.21 4.244
sample variance 4,52,42,59,181.29 3,41,46,444.80 82,66,860.93 18.012
minimum 94500 38380 21232 55.2
maximum 303900 61406 32145 74.6
range 209400 23026 10913 19.4
1st quartile 1,28,800.00 45,969.50 23,916.00 65.700
median 1,59,300.00 49,646.00 25,803.00 68.900
3rd quartile 2,35,350.00 54,352.00 27,669.00 70.050
interquartile range 1,06,550.00 8,382.50 3,753.00 4.350
mode 1,34,100.00 #N/A #N/A 68.900
low extremes 0 0 0 0
low outliers 0 0 0 1
high outliers 0 0 0 0
high extremes 0 0 0 0

The boxplots are:

orchestra answered 1 year ago
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