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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:
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]
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 However, the belief was based on data that might be considerably out of date.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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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:
- Determine the equation of the least squares regression line and explain the regression equation.
- What is the standard error of the estimate (S_{e})? Comment on the size of the standard error for this regression model.
- Test the slope of the regression line and what do you conclude about the slope?
- 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?
- Finally, write a very brief report based on the information available for management.
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]
* * * * * * *
Get Assignment help for this assignment with hndassignmenthelp@gmail.com at 100 AUD
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