Economics Statistics: Descriptive Analysis, Graphical Representation, Regression

Economics statistics

TABLE OF CONTENTS
INTRODUCTION......................................................................................................................3
MAIN BODY.............................................................................................................................3
1. Descriptive statistic............................................................................................................3
2. Graphical representation....................................................................................................4
3. Statistical difference between number of room and new and old room.............................4
4. Regression..........................................................................................................................5
5. Regression..........................................................................................................................6
CONCLUSION..........................................................................................................................7
REFERENCES...........................................................................................................................8
INTRODUCTION
Statistic for economics is all about collecting, processing and analysing the economic
data. The present study will helps to determine the relation between variables by applying
different statistical analysis tools. The study will depend upon House price on Aula which
contain the information of 321 houses which sold recently. For that, the report will provide
descriptive statistic and identify the relationship between dependent and independent
variables.
MAIN BODY
1. Descriptive statistic
price rooms baths age
Mean
961006.60
44
3.5856
7
2.3395
64
18.009
35
Standard
Error
24125.132
88 0.0503
0.0430
07
1.8176
48
Median 859000 4 2 4
Mode 1200000 4 3 0
Standard
Deviation
432237.28
87
0.9012
04
0.7705
26
32.565
85
Sample
Variance
1.86829E+
11
0.8121
69
0.5937
11
1060.5
34

Kurtosis
1.8366164
24
1.4822
08
-
0.8730
7
10.774
79
Skewness
1.1443690
02
0.1154
76
-
0.5025
3
3.0601
32
Range 2740000 6 3 189
Minimum 260000 1 1 0
Maximum 3000000 7 4 189
Sum 308483120 1151 751 5781
Count 321 321 321 321
Interpretation: From the above descriptive statistical analysis, it has been interpreted that
the average price of all 321 houses is 961006 whereas mean of rooms is 3.5 and the average
age of all houses is 18 only. However, most of the houses have at least 4 rooms along with 2
bathrooms. In addition to this, it has been analysed that 50% of the houses price is 859000
and 4 rooms in each houses. Further the minimum price of the houses is 260000 whereas the
maximum price is the selected house is 3 lac. Also, the minimum room within a houses is 1
and maximum rooms is 7. Overall, the results reflected from the above table shows that price
of the house actually relied upon the average number of rooms, bathrooms and age of a
houses.
2. Graphical representation
260000 490000 610000 680000 784000 870000 959200 1100000132000015650001898570
0
50
100
150
200
250
2
28
173
136
188
149
7878
139
79
2624
4849
15
81
11
185
179
221
1
120
76
18
103
51
2825
54
41
28
22
52
2826
92
120
54
12
0
37
0
12
67
9118
3
130
1
129
5
26
100
178
36
5
52
18
141
31
21
34
10
44
14
19
7
0
51
0
20
34101
36
2
125
11
0
46
1
48
3000
9
47
30
27
13
188
0
104
1
23
30
12
32
0
6
00000
21
0010
25
0
156
1062155
13
00120
26
17
2
7
0
811
00
174
6
0
158
0257
26
0
8
036
00
15
200000001
6
0302020
6
10000000
26
0020
189
00100000
12
0
Sum of rooms
Sum of baths
Sum of age