Purchase Solution

Problems with Descriptive Statistics

Not what you're looking for?

Ask Custom Question

City apartment rent ($US)
Amsterdam 1,480
Athens 840
Auckland 1,330
Bangkok 550
Barcelona 1,530
Beijing 760
Berlin 920
Bogotá 990
Bratislava 890
Brussels 2,290
Bucharest 930
Budapest 1,190
Buenos Aires 500
Cairo 550
Caracas 2,080
Chicago 2,990
Copenhagen 1,820
Delhi 470
Doha 2,290
Dubai 3,710
Dublin 2,160
Frankfurt 1,500
Geneva 1,610
Helsinki 1,560
Hong Kong 4,070
Istanbul 1,500
Jakarta 950
Johannesburg 480
Kiev 760
Kuala Lumpur 330
Lima 410
Lisbon 1,090
Ljubljana 1,280
London 2,140
Los Angeles 2,080
Luxembourg 1,190
Lyon 1,030
Madrid 1,540
Manama 1,900
Manila 580
Mexico City 690
Miami 2,200
Milan 1,800
Montreal 1,240
Moscow 2,080
Mumbai 720
Munich 1,560
Nairobi 880
New York 5,220
Nicosia 1,270
Oslo 1,870
Paris 2,510
Prague 930
Riga 640
Rio de Janeiro 930
Rome 1,610
Santiago de Chile 640
São Paulo 1,150
Seoul 2,600
Shanghai 1,230
Singapore 2,940
Sofia 770
Stockholm 1,480
Sydney 1,230
Taipei 1,310
Tallinn 520
Tel Aviv 1,440
Tokyo 1,790
Toronto 1,710
Vienna 1,270
Vilnius 630
Warsaw 980
Zurich 1,950

Source: http://www.ubs.com/1/e/wealthmanagement/wealth_management_research/prices_earnings.html

Class exercise: 3

Also from the Prices and Earnings article used in question 1 is information about the cost of renting apartments in various cities around the world. Rents are based on apartments built after 1980 (3 rooms, kitchen, bathroom, without garage; including incidental expenses) with an average comfort customary in the locality and near the city centre and in the medium price range. The file "Class exercise data.xls" contains data for apartment rents. Look at the Question 3 tab.
(a) Use Tools > Data Analysis > Descriptive Statistics to find descriptive statistics for the apartment rents. Include the Excel output.
(b) What is the z-score for Hong Kong?
(c) What city may be considered an outlier?
(d) Use the histogram tool in Excel to draw a class frequency distribution of the apartment rents. Use class intervals of width $500,000 starting with the started lower limit of the first class of $0. You may need to amalgamate some of the higher classes. Ensure that you follow the presentation guidelines given in lecture for tables.
(e) Remove the three highest rents. With the remaining data use the histogram tool in Excel to draw a histogram of the apartment rents. Use class intervals of width $500,000 starting with the started lower limit of the first class of $0. Ensure that you follow the presentation guidelines given in lectures for figures. Instructions on drawing a histogram appear in Moodle
(f) What effect does removing the three highest rents have on the shape of the distribution of the apartment rents histogram?

Purchase this Solution

Solution Summary

This solution answer various questions that use descriptive statistics.

Solution Preview

Please see the attachment.

Solution:

Apartment Rent ($US)
DESCRIPTIVE STATISTICS:
Mean 1452.876712
Standard Error 102.3053298
Median 1270
Mode 930
Standard Deviation 874.0971206
Sample ...

Purchase this Solution


Free BrainMass Quizzes
Know Your Statistical Concepts

Each question is a choice-summary multiple choice question that presents you with a statistical concept and then 4 numbered statements. You must decide which (if any) of the numbered statements is/are true as they relate to the statistical concept.

Measures of Central Tendency

Tests knowledge of the three main measures of central tendency, including some simple calculation questions.

Measures of Central Tendency

This quiz evaluates the students understanding of the measures of central tendency seen in statistics. This quiz is specifically designed to incorporate the measures of central tendency as they relate to psychological research.

Terms and Definitions for Statistics

This quiz covers basic terms and definitions of statistics.