Milestone 2: Sydney’s Property Market Assessment 2022

Milestone 2: Sydney’s Property Market 1
ECON1203 Business and Economic Statistics
Milestone 2: Sydney’s Property Market
Name
Course Number
Date
Faculty Name

Milestone 2: Sydney’s Property Market 2
Milestone 2: Sydney’s Property Market
1. Mean total household income purchasers exceed $300,000
Null hypothesis: Mean = $300,000
Alternative hypothesis: Mean > $300,000
At 95% confidence interval, alpha = 0.05
The average and standard deviation of the household income for purchasers is shown below
Mean
360928.327
6
Standard Error
15982.0468
2
Standard Deviation
273568.575
3
Z score= 360928.328−300000
15982.047 =3.81
The p-value associated with this z-score equals 0.00007.
We conclude that we have enough evidence that the mean total average of household purchasers
is significantly greater than $300,000 (Aczel and Sounderpandian, 2008).
2. Mean interval size of apartment sold is 90sqm
The summary statistics of the interval size apartment are shown below
Mean
102.663822
5
Standard Error
2.05157761
1
Standard Deviation 35.1173520