Statistics for Market Price and Age of House

Statistics

TABLE OF CONTENTS
TASK 1............................................................................................................................................3
Selection of random sampling.....................................................................................................3
TASK 2............................................................................................................................................3
1. Summary statistics...................................................................................................................3
2. Shape of distribution of market price and age of house..........................................................4
3. average Market Price ($000) is different from 777.................................................................4
4. Interpretation............................................................................................................................5
5. Model, sample size and variables............................................................................................5
6. Scatter plot and strength..........................................................................................................6
7. multiple regression model........................................................................................................7
8. Least square regression Equation............................................................................................8
9. slope of the regression line......................................................................................................9
10. value of the coefficient of determination for the relationship between the dependent and
independent variable....................................................................................................................9
11. interpret this interval..............................................................................................................9
12. evaluate the goodness of fit between these two modelling techniques...............................11
13. Prediction.............................................................................................................................11
14. Correlation...........................................................................................................................11
15. Statistical analysis................................................................................................................12

TASK 1
Selection of random sampling
Enclosed in Excel
TASK 2
1. Summary statistics
Market
Price
($000)
Age of
house
(years)
Mean
747.537
7
20.6891
6
Standard Error
10.6947
3 1.75663
Median
754.351
5
20.3015
4
Mode
827.904
1 5.99064
Standard
Deviation
75.6231
8
12.4212
5
Sample
Variance
5718.86
5
154.287
4
Kurtosis
-
0.17681
-
1.06046
Skewness
-
0.44496
0.10429
9
Range
338.065
5
45.1771
6
Minimum
573.944
7
-
0.21198
Maximum
912.010
2
44.9651
8
Sum
37376.8
8
1034.45
8
Count 50 50

2. Shape of distribution of market price and age of house
550 600 650 700 750 800 850 900 950
0
0.001
0.002
0.003
0.004
0.005
0.006
Z- Distribution of Market Price
-10 0 10 20 30 40 50
0
0.005
0.01
0.015
0.02
0.025
0.03
0.035
Z- Distribution of Age of House
The above graph, reflected that there is a-symmetrical shape identified with a graph
which in turn reflected that there is no relationship between the each other. Hence, it can be
stated that there is abnormal distribution identified within a variable which indicated that there is
no dependency between the age and market price of a house.
3. average Market Price ($000) is different from 777.
One-Sample Statistics