Major Project

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College of the Albemarle *

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340

Subject

Economics

Date

Apr 3, 2024

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docx

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6

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1 BUSN 340 Major Project Leah Mandis 1.) Refer to the real estate data in Blackboard, which reports information on homes sold in the Phoenix, Arizona, area during the last year. Organize the data by the number of bedrooms into a frequency distribution. A.) What is the typical number (average) of bedrooms? According to my charts, the typical number of bedrooms is 3 to 4 with a mean of 3.8. B.) What are the fewest (minimum) and the most (maximum) number of bedrooms offered in the market? The minimum number of bedrooms offered in the market are 2, and the maximum number of bedrooms offered in the market are 8. Number of bedrooms Frequency 2 24 3 26 4 26 5 11 6 14 7 2 8 2 2 3 4 5 6 7 8 0 5 10 15 20 25 30 Frequency Distribution Chart Frequency bins Frequency
2 2.) Sort the real estate data into a table that shows the number of homes that have a garage attached versus those that do not have a garage in each of the five townships. If a home is selected at random, compute the following probabilities. Garage Township 1 Township 2 Township 3 Township 4 Township 5 Total Yes 9 15 15 20 12 71 No 6 5 10 9 4 34 Total 15 20 25 29 16 105 A.) The home has a garage attached. The probability a randomly selected home has a garage attached is 71/105 or 67.62%. B.) Given that it is in Township 5, that it does not have a garage attached. The probability of house in Township 5 not having a garage attached is 4/16 or 25%. C.) The home has a garage attached and is in Township 3. The probability of a randomly selected home being located in Township 3 and containing a garage is (71/105) x (25/105) = 16.1%.
3 3.) Refer to the real estate data and develop the following confidence intervals using statistical software. A.) Develop a 95 percent confidence interval for the mean selling price of the homes. Using excels descriptive statistics function, I was able to determine the mean, 221102.9 and the confidence level at 95%, 9116.1 of the data set. Next I add and subtract the confidence level from the mean to find the confidence intervals: 211986.8 (lower) and 230218.9 (higher). B.) Develop a 95 percent confidence interval for the mean distance the home is from the center of the city. Again, using the descriptive statistics function in excel, I concluded that the mean of the data is 14.6 and the confidence level is 0.943. Therefore, the 95% confidence interval for the mean distance the home is from the center of the city is 13.7 - 15.6. 4.) Refer to the baseball data in Blackboard, which reports information on 30 major league teams for the 2008 baseball season. Select the variable that refers to the seating capacity (size) of the stadium. Find the mean, median, mode and the standard deviation. Mean = 44015.1 Median = 42322.5 Mode = N/A Standard Deviation = 5258.3
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