MAT 240 SNHU Real State Selling Price and Area Analysis
ANSWER
Generate a Representative Sample of the Data
- Select a Region and Generate a Simple Random Sample of 30:
- First, choose a specific region from the nationwide dataset. Let’s assume we’re interested in properties located in the Midwest.
- To create a simple random sample of 30 properties, you can use a random number generator or a spreadsheet software. Ensure that the sample is truly random and does not exhibit any bias.
- Report the Mean, Median, and Standard Deviation:
- Calculate the mean, median, and standard deviation for both the listing price (y) and square footage (x) in your sample.
Analyze Your Sample
- Reflectiveness of the Regional Sample:
- Discuss how the regional sample you created is or is not reflective of the national market. Compare the characteristics of your regional sample with the national market using the provided National Summary Statistics and Graphs Real Estate Data PDF document.
- Explanation of Random Sample:
- Explain how you ensured that the sample is random. Mention the methods or tools you used to achieve randomness.
Generate Scatterplot
- Create a Scatterplot:
- Create a scatterplot with square footage (x) on the x-axis and listing price (y) on the y-axis. Include a trend line and the regression equation.
Observe Patterns
- Define x and y:
- Define x as the square footage of properties and y as the listing price.
- Association Between x and y:
- Describe the association you observe in the scatterplot. Is there a positive or negative correlation? Is the relationship linear or nonlinear?
- Shape of the Scatterplot:
- Determine if the scatterplot exhibits a linear or nonlinear shape.
- Price Prediction:
- Use the regression equation from the graph to estimate the price for a 1,800 square foot house.
- Identify Potential Outliers:
- Inspect the scatterplot for potential outliers and explain why you think they appear. Discuss what these outliers might represent in the context of the real estate market.
Remember to provide clear explanations and any relevant calculations in your report. It’s important to ensure that your sample is truly random to make meaningful inferences about the relationship between property size and price in your chosen region.
QUESTION
Description
You have been recently hired as a junior analyst by D.M. Pan Real Estate Company. The sales team has tasked you with preparing a report that examines the relationship between the selling price of properties and their size in square feet. You have been provided with a spreadsheet that includes properties sold nationwide in recent years. The team has asked you to select a region, complete an initial analysis, and provide the report to the team.
Note: In the report you prepare for the sales team, the response variable (y) should be the listing price and the predictor variable (x) should be the square feet.
Generate a Representative Sample of the Data
- Select a region and generate a simple random sample of 30 from the data.
- Report the mean, median, and standard deviation of the listing price and the square foot variables.
- Analyze Your Sample
- Discuss how the regional sample created is or is not reflective of the national market.
- Compare and contrast your sample with the population using the National Summary Statistics and Graphs Real Estate Data PDF document.
- Explain how you have made sure that the sample is random.
- Explain your methods to get a truly random sample.
- Discuss how the regional sample created is or is not reflective of the national market.
- Generate Scatterplot
- Create a scatterplot of the x and y variables noted above and include a trend line and the regression equation
- Observe patterns
- Answer the following questions based on the scatterplot:
- Define x and y. Which variable is useful for making predictions?
- Is there an association between x and y? Describe the association you see in the scatter plot.
- What do you see as the shape (linear or nonlinear)?
- If you had a 1,800 square foot house, based on the regression equation in the graph, what price would you choose to list at?
- Do you see any potential outliers in the scatterplot?
- Why do you think the outliers appeared in the scatterplot you generated?
- What do they represent?
- Answer the following questions based on the scatterplot:
You can use the following tutorial. Make sure to check the assignment prompt for specific numbers used for national statistics and/or square footage. The video may use different national statistics or solve for different square footage values.
Fill in the order form and submit all your files, including instructions, rubrics, and other information given to you by your instructor.
Once you complete filling the forms, complete your payment. We will get the order and assign it to a writer.
When your order is completed, it’s assigned to an editor for approval. The editor approves the order.
Once approved, we will upload the order to your account for you to download. You can rate your writer or give your customer review.
