mat-240-project-two-completed.docx

Downloaded by Leslie Rossner (lrrossner@gmail.com) MAT 240 Project Two completed Applied Statistics (Southern New Hampshire University) Scan to open on Studocu Studocu is not sponsored or endorsed by any college or university

Regional vs. National Housing Price Comparison Report 1 Downloaded by Leslie Rossner (lrrossner@gmail.com) Report: Regional vs. National Housing Price Comparison Kate Martin Southern New Hampshire University

Regional vs. National Housing Price Comparison Report 2 Downloaded by Leslie Rossner (lrrossner@gmail.com) Introduction Purpose: This report will examine two hypotheses related to the housing sales market. The study will utilize a sample data of 500 homes located within the New England region. The aim is to determine whether the housing prices in this region are higher than the national market average and to assess whether there are any differences in the average square footage of the homes in this region compared to the national market average. Sample: To obtain a random sample of 500 houses located within the New England region, we utilized the =rand() function within an Excel spreadsheet. The region consists of six states, namely Maine, New Hampshire, Vermont, Rhode Island, Connecticut, and Massachusetts. This method of sampling helps to ensure a true random sample, and we can continue to randomize the sample to further enhance its randomness Questions and type of test: This report will conduct two different tests, both of which will utilize a significance level of α = .05. The first test is a right-tailed test that focuses on the average listing price, with the following hypotheses: Null Hypothesis (H0): The population mean (μ) of the listing prices is equal to 288,407. Alternative Hypothesis (Ha): The population mean (μ) of the listing prices is greater than 288,407. In simpler terms, the first test aims to determine whether the average listing price of the houses in the New England region is significantly greater than $288,407.

Regional vs. National Housing Price Comparison Report 3 Downloaded by Leslie Rossner (lrrossner@gmail.com) The second test in this report is a two-tailed test that focuses on the average square footage of the homes in the New England region, with the following hypotheses: Null Hypothesis (H0) : The population mean (μ) of the square footage is equal to 1,944, which is the average square footage of the national market. Alternative Hypothesis (Ha) : The population mean (μ) of the square footage is different than 1,944. This test aims to determine whether there is a significant difference between the average square footage of the houses in the New England region and the national market average. To support this hypothesis, we will utilize estimation and confidence intervals to determine whether there is evidence to reject or support the null hypothesis. 1- Tail Test O ur population parameter for this test is the mean listing price of homes for the entire population of the New England region. Our null and alternative hypotheses are below, using the significance level of α = 0.05 (Null)H0: μ = 288,407 (Alternative)Ha: μ > 288,407

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