This is the data for the HW.
Just to confirm we it would be $18 and you would submit to me by Sataruday 2/14.
Then I would pay you.
Here is the HW:
The Prescott County Housing Problem
Introduction:
The Prescott county mayor, Robert (Pete) Smith has been worried for some time that housing values in the county have been declining. Pete said to the county commission recently,
“
Our housing stock is getting so old and tired, and I’m afraid that if we don’t start building new homes that our children will just move away to Orlando or even to, heaven forbid, to South Florida. I think that we need to study this situation, and do something about it right now!
”
What Pete did not say, but each of the commissioners knew, was that his brother-in-law, Bo Bradley is a developer who wants the commission to rezone 350 acres in the north county for a new development. This land is currently envisioned to be a county park, but old Bo want to develop it. Bo said recently, “
What this county needs is my development, not some old park for the deer
.” Bo it seems is interested in making money more than he is in protecting undeveloped land.
In order to get this study going Pete has asked you to look at some recent sales of homes in the county to understand what is going on with the housing stock, and then to project out what kind of values that five typical housing could bring. What he is hoping is that the values will be so low that the commission will want to rezone those 350 acres for Bo’s development.
Using the Excel data file that has been provided you are to completely answer the following questions:
1.
What is the current status of the housing stock in the county?
a.
To do this you will create a
one-variable summary
using StatTools and analyze the age of the recently sold homes, their average price sold, the number of bedrooms, bathrooms and number of cars that can be garaged.
b.
What does the skewness and kurtosis tell you about these data?
c.
Would it be better to use the Interquartile range to analyze this data (not a yes or no answer) and if so why, or why not?
2.
Doing two
Q-Q plots
, do you consider the data for price and square footage to be normal or not, and why?
3.
Doing a
correlation
in StatTools and using all six of the variables, how are each of these variables correlated to each other. Again be specific.
4.
Doing a
scatterplot
of price versus square footage and adding a trend line to the plot, what does this tell you about the data?
a.
Now do a scatterplot of price versus age and adding a trend line, what does this tell you about the question of new homes versus price?
5.
Next do a
multiple regression
using price as the dependent variable, and all other variables as independent variables:
a.
Do any of the variables have a t-value that is greater than the alpha (.05) for this assignment? If so, delete them and rerun the regression and compare and contrast the old regression versus the new regression without one .
Benefits and Challenges of Using Open Educational Resources
This is the data for the HW.Just to confirm we it would be $18 a.docx
1. This is the data for the HW.
Just to confirm we it would be $18 and you would submit to me
by Sataruday 2/14.
Then I would pay you.
Here is the HW:
The Prescott County Housing Problem
Introduction:
The Prescott county mayor, Robert (Pete) Smith has been
worried for some time that housing values in the county have
been declining. Pete said to the county commission recently,
“
Our housing stock is getting so old and tired, and I’m afraid
that if we don’t start building new homes that our children will
just move away to Orlando or even to, heaven forbid, to South
Florida. I think that we need to study this situation, and do
something about it right now!
”
What Pete did not say, but each of the commissioners knew, was
that his brother-in-law, Bo Bradley is a developer who wants
the commission to rezone 350 acres in the north county for a
new development. This land is currently envisioned to be a
county park, but old Bo want to develop it. Bo said recently, “
What this county needs is my development, not some old park
for the deer
.” Bo it seems is interested in making money more than he is in
protecting undeveloped land.
In order to get this study going Pete has asked you to look at
some recent sales of homes in the county to understand what is
2. going on with the housing stock, and then to project out what
kind of values that five typical housing could bring. What he is
hoping is that the values will be so low that the commission will
want to rezone those 350 acres for Bo’s development.
Using the Excel data file that has been provided you are to
completely answer the following questions:
1.
What is the current status of the housing stock in the county?
a.
To do this you will create a
one-variable summary
using StatTools and analyze the age of the recently sold homes,
their average price sold, the number of bedrooms, bathrooms
and number of cars that can be garaged.
b.
What does the skewness and kurtosis tell you about these data?
c.
Would it be better to use the Interquartile range to analyze this
data (not a yes or no answer) and if so why, or why not?
2.
Doing two
Q-Q plots
, do you consider the data for price and square footage to be
normal or not, and why?
3.
Doing a
correlation
in StatTools and using all six of the variables, how are each of
3. these variables correlated to each other. Again be specific.
4.
Doing a
scatterplot
of price versus square footage and adding a trend line to the
plot, what does this tell you about the data?
a.
Now do a scatterplot of price versus age and adding a trend line,
what does this tell you about the question of new homes versus
price?
5.
Next do a
multiple regression
using price as the dependent variable, and all other variables as
independent variables:
a.
Do any of the variables have a t-value that is greater than the
alpha (.05) for this assignment? If so, delete them and rerun the
regression and compare and contrast the old regression versus
the new regression without one or more of the variables.
b.
Is the F-ratio for this/these regressions significant? Why?
c.
Is the r-squared values for this/these regressions appear to be
valid? Does it show that it explained a sufficient amount of the
total variation?
6.
Using the coefficients from this regression estimate the selling
prices for the following typical Prescott county homes:
4. Home
number
Square footage
Age of the home
Number of bedrooms
Number of bathrooms
Size of the garage (cars)
Projected Selling Price (determined by you)
1
1,850
25
3
2
1
2
2,200
14
4
3
2
3
3,000
5
5
4
3
4
3,400
5
5
5
3
5. 5
2,200
40
3
2
1
7.
Based on the projected selling price of these homes, will Mayor
Pete convince the county commission to rezone the land for his
brother-in-law, or does the county get a new park? Defend your
answer based on the statistics that you have calculated in this
case study. Your argument should be no more than 300 words.
Price
Sq. Feet
Age
Bedrooms
Bathrooms
Garage _
110000
1000
28
3
1
1
6. 133500
1400
23
3
1
1
Price = Last selling price
112500
1248
58
3
4
1
Sq. Feet = square footage of the house
141750
1106
12
2
1
1
Age = Age of the house as of now
195250
2112
78
2
6
2
7. Bedrooms = number of bedrooms in the house
132250
1078
33
2
1
1
Bathrooms = number of bathrooms in the house
136000
952
13
2
3
2
Garage = number of cars that can be garaged
162750
1100
1
2
1
2
148500
1040
17
3
1
2
