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Economics

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Apr 3, 2024

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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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4 5.) Refer to the baseball data in Blackboard. Assume the seating capacity (size) represents the population. Develop a histogram of the data. Would it seem reasonable from this histogram to conclude that the seating capacity population follows the normal distribution? 30000-35000 35001-40000 40001-45000 45001-50000 50001-55000 > 55000 0 2 4 6 8 10 12 14 Histogram Frequency Seating Capacity Frequency It is safe to conclude that the seating capacity population does not follow a normal distribution because the two sides (upper and lower) of the mean are not equal. The mean of the data set is 44015.1, with 18 variables on one side of the mean and 12 on the other. Another factor that suggests this data is not a normal distribution is the mean, median, and mode are all different values. The histogram is not symmetrical and is slightly skewed to the right (positive skew). 6.) Refer to the wage data, which report information on annual wages for a sample of 100 workers. Also included are variables relating to industry, years of education, and gender for each worker.

5 A.) Develop a box plot for the variable annual wage. Are there any outliers? Briefly explain your findings. The box plot for the variable annual wage creates a visual of the data and shows the median, first and third quartiles, minimum and maximum values, and the outlier variables. In this case, there are four outlier variables: 83443, 75165, 68573, and 66738. The interquartile range of annual wages is between the first quartile,17800.75, and the third quartile, 35075.25, and is represented by the colored area. By taking the values that fall inside the shaded area (53) and dividing by the total number of variables (100), I can conclude that 53% of the annual wages are between $17,800.75 and $35,075.25.

6 B.) Develop a box plot for the variable years of education. Are there any outliers? Briefly explain your findings. The box plot above shows the variable years of education. There are six outlier variables indicated by the dots on the graph, five of which are below the minimum value. The interquartile range of years of education is between 12 and 14 and is represented by the shaded part of the graph. I can conclude with this information that 58/100 or 58% have 12 to 14 years of education. The median (or second quartile) was the same as the first quartile, and thus they fall on the same line of the graph.

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