Purchase Solution

Distribution and Regression of House Selling Price

Not what you're looking for?

Ask Custom Question

The following data given the selling price, square footage, number of bedrooms and age of houses that have been sold in a neighborhood last year .You are asked to analyze these data, using the Data Analysis tool in Excel, and produce a summary report that will answer the following questions:
1. Consider the selling price, summarize its distribution and interpret the results?
2. Is there evidence that the average price is significantly different from 115,000 pounds?
3. When you consider the size of the property (area), is there significant difference between 4 and 3 bedroom houses?
4. Based on this sample, provide at 95% confidence interval for the area of 4 bedroom houses in this neighborhood.
5. Is there evidence of association between the selling price and the other variables?
6. Develop three regression models to predict the selling price based upon each of the other factors (variables) individually. Which of these is best? What are the limitations of your best model? How can you improve this analysis?

See attachment for table.

Attachments
Purchase this Solution
Solution Summary

This solution discusses the significance of the selling price of houses based on area, number of bedrooms and years. It shows step-by-step calculations to determine a 95% confidence interval, evidence of association, and also develops three regression models based on the other variables.

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

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.

Measures of Central Tendency

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

View More Free Quizzes
Related BrainMass Solutions

  • Paper on Regression Analysis

    The statistical methodology used to do analysis is the Linear Regression Analysis. This is because the dependent variable (PRICE of the House) is a continuous variable and hence the assumption is that it follows a normal distribution.

  • Using a Regression Model

    According to the regression model, the selling price of a house that is 1860 square feet is given as: Selling Price (Y)= 13,473 + 37.65 ×1860=$83502 C.

  • Multipe regression equation for size and selling price of suburban community homes

    373297 Multipe Regression Equation for Size and Selling Price A real estate association in a suburban community would like to study the relationship between the size of a single-family house (as measured by number of rooms) and the selling price of the

  • Multiple Regression

    373307 Multiple Regression: Study selling price of house vs size (number of rooms) See attached file.

  • Regression analysis of real estate data

    Use the selling price of the home as the dependent variable and determine the regression equation with number of bedrooms, size of the house, whether there is a pool, whether there is an attached garage, distance from the center of the city, and the

  • The Solution to a Regression Model

    Area of House (hundreds of square feet) Selling Price (thousands of dollars) 20 250 19 220 27 350 28 390 30 320 15 200 25 360 23 290 18 210 35 410 (a) Do a scatter diagram for the data, insert the trend line and add the equation and R2 value

  • Using a Regression Model: Predictive Equations In Home Prices

    develop a regression model to predict selling price based on the square footage, number of bedrooms, and age.

  • Prediction using Multiple Regression Analysis

    develop a regression model to predict selling price based on the square footage and number of bedrooms.

  • Regression Paper- state decision rule and use sample

    Null hypothesis: H0: There is no linear relationship exist between the price of the house and the size of the house in square feet.

View More Related Solutions