Data Set Exercise-Assignment 10

I’m stuck on a Business question and need an explanation.

Data Set Exercise – Each Data Set Exercise is worth 20 points
Use the Data Sets found in Appendix A in the back of your book to complete the following exercises.

1. Refer to the Real Estate data, which report information on the homes sold in Goodyear, Arizona, last year.

a. At the .01 significance level, can we conclude that there is a difference in the mean selling price of homes with a pool and homes without a pool?

b. At the .01 significance level, can we conclude that there is a difference in the mean selling price of homes with an attached garage and homes without an attached garage?

c. At the .01 significance level, can we conclude that there is a difference in the mean selling price of homes in Township 1 and Township 2?

d. Find the median selling price of the homes. Divide the homes into two groups, those that sold for more than (or equal to) the median price and those that sold for less. Is there a difference in the proportion of homes with a pool for those that sold at or above the median price versus those that sold for less than the median price? Use the .01 significance level.

e. Write a summary report on your findings to parts (a), (b), (c), and (d). Address the report to all real estate agents who sell property in Goodyear.

2. Refer to the Real Estate data, which report information on the homes sold in Goodyear, Arizona, last year.

a. At the .05 significance level, can we conclude that there is a difference in the mean selling price of homes with a pool and homes without a pool?

b. At the .05 significance level, can we conclude that there is a difference in the mean selling price of homes with an attached garage and homes without an attached garage?

c. At the .05 significance level, can we conclude that there is a difference in the mean selling price of homes in Township 1 and Township 2?

d. Find the median selling price of the homes. Divide the homes into two groups, those that sold for more than (or equal to) the median price and those that sold for less. Is there a difference in the proportion of homes with a pool for those that sold at or above the median price versus those that sold for less than the median price? Use the .05 significance level.

e. Write a summary report on your findings to parts (a), (b), (c), and (d). Address the report to all real estate agents who sell property in Goodyear

3. Refer to the Real Estate data, which report information on the homes sold in the Goodyear, Arizona, area last year.

a. At the .02 significance level, is there a difference in the variability of the selling prices of the homes that have a pool versus those that do not have a pool?

b. At the .02 significance level, is there a difference in the variability of the selling prices of the homes with an attached garage versus those that do not have an attached garage?

c. At the .05 significance level, is there a difference in the mean selling price of the homes among the five townships?

The software that is recommended to complete these exercises is MegaStat for Microsoft Excel. This was developed by J.B. Orris and is a full-featured Excel add-in that is available at www.mhhe.com/megastat. It will work with Excel 2003, 2007, and 2010. After you access the website you have 10 days to successfully download MegaStat on your local computer. Once installed, MegaStat will remain active in Excel with no expiration date or time limitations. The software performs statistical analysis within an Excel workbook. It does basic functions, such as descriptive statics, frequency distribution, and probability calculations as well as hypothesis testing, ANOVA, and regression. Screencam tutorials are included that provide a walkthrough of major business statistics topics. Help files are built in, and an introductory user’s manual is also included.

However if you use and have access to Minitab, SPSS, or JMP you can use these software tools to solve the business statistics exercises in the text.

Submit the completed Assignment to your Faculty Mentor. Make sure to label the files correctly.

Assignment Outcomes

Describe types of statistics (descriptive and differential), variables, and levels of measurement.

Compute and interpret the results of Bivariate Regression and Correlation Analysis.

Construct and test a multiple regression model using a data set.

Understand that statistics are value neutral, but can be used to support discriminatory and biased value positions.

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