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AS A RESULT OF A PROLONGED ECONOMIC BOOM, TORONTO IS UNDERGOING SEVERAL CHANGES THAT ARE STARTING TO CAUSE SOCIAL AND ECONOMIC PROBLEMS. ONE SERIOUS PROBLEM IS THE LACK OF AFFORDABLE HOUSING FOR YOUNG PEOPLE. THE
HOUSING PRICES OVER A 12-MONTH PERIOD ARE SHOWN BELOW.
JAN $195,000 JUL $205,000
FEB 196,000 AUG 199,400
MAR 205,000 SEP 201,000
APR 210,000 OCT 197,000
MAY 212,000 NOV 192,000
JUN 210,000 DEC 190,000
A. GRAPH THE DATA IN A CHART. DESCRIBE THE TREND YOU SEE.
B. CALCULATE THE MEAN AND STANDARD DEVIATION.
C. CONSTRUCT A STEM AND LEAF DISPLAY OF THESE DATA.
D. CALCULATE THE RANGE AND MODE OF THESE DATA.
E. IF 195,000 IS CONSIDERED THE THRESHOLD FOR AFFORDABILITY, CAN WE CONCLUDE AT THE 5% LEVEL OF
SIGNIFICANCE THAT THE THRESHOLD HAS INCREASED IN THIS PERIOD?
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Solution Summary
AS A RESULT OF A PROLONGED ECONOMIC BOOM, TORONTO IS UNDERGOING SEVERAL CHANGES THAT ARE STARTING TO CAUSE SOCIAL AND ECONOMIC PROBLEMS. ONE SERIOUS PROBLEM IS THE LACK OF AFFORDABLE HOUSING FOR YOUNG PEOPLE. THE
HOUSING PRICES OVER A 12-MONTH PERIOD ARE SHOWN BELOW.
JAN $195,000 JUL $205,000
FEB 196,000 AUG 199,400
MAR 205,000 SEP 201,000
APR 210,000 OCT 197,000
MAY 212,000 NOV 192,000
JUN 210,000 DEC 190,000
A. GRAPH THE DATA IN A CHART. DESCRIBE THE TREND YOU SEE.
B. CALCULATE THE MEAN AND STANDARD DEVIATION.
C. CONSTRUCT A STEM AND LEAF DISPLAY OF THESE DATA.
D. CALCULATE THE RANGE AND MODE OF THESE DATA.
E. IF 195,000 IS CONSIDERED THE THRESHOLD FOR AFFORDABILITY, CAN WE CONCLUDE AT THE 5% LEVEL OF
SIGNIFICANCE THAT THE THRESHOLD HAS INCREASED IN THIS PERIOD?
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EXplanation and answers:
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<br>Most of these can be easily obtained from a scientific calculator with the STAT function.
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<br>A. You should be able to do this by yourself..draw on a paper, or use a spreadsheet such as MS Excel or a graphing calculator. If you want an example, I will send you an example Excel file.
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<br>B. Mean: This is the Arithmetic Mean (known as Mu), or the average value; sum all the data points and divide by the ...
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