STA510 Business Statistics

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Assignment :  STA510 Business Statistics



Due date:



Week 12, Friday, 14 October 2016, 3pm CST



Value:



30%



Lecturer/ Tutor:





 
  

Task


Answer all assignment questions.

 

Presentation


Eligible handwriting or typed.

 

 


PART A:         Question 1 - Case Study


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The management of the agency are particularly interested in the rating of the street and suggest that you develop a model to investigate the relationship between house prices and rating of the street in which the house is located.

From a sample of 120 houses the above excel output was obtained.  To help the management of BCREA to make decisions, answer the following questions:
  1. Determine the equation of the least squares regression line and explain the regression equation.

[3 Marks]
  1. What is the standard error of the estimate (Se)? Comment on the size of the standard error for this regression model.

[3 Marks]
  1. Test the slope of the regression line and what do you conclude about the slope?

[3 Marks]
  1. What is the coefficient of determination for this model? Does street rating appear to be a good predictor of house prices?  Why or why not?

[3 Marks]
  1. Finally, write a very brief report based on the information available for management.

[8 Marks]

 

PART B


Question 1


The city commission is considering raising property taxes to finance a new library.  The commission feels they should tax only those who own homes valued in the top 40 percent.  If property values can be expressed as X ~ N($62,500, $8,250), what is the highest value that can be placed on a property without being subjected to the tax?

 [5 Marks]

Question 2


The average life expectancy of males in a developing nation was believed to be 62.5 years.  However, the belief was based on data that might be considerably out of date.  A random survey of 250 deaths in that country revealed an average life span of 64.2 years with a standard deviation of 8.8 years.  Does the sample evidence indicate that the mean life expectancy defers from 62.5 years?  Use a significance level of 0.05.

 [5 Marks]

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