Question

a. Is the standard deviation a useful statistic for describing the dispersion of sales prices? Explain...

a. Is the standard deviation a useful statistic for describing the dispersion of sales prices? Explain

b. Comment on the Shape of the Distribution of Prices

c. Write a description of the Distribution (Bed Rooms)

(Scroll all the way down, there is 2 tables, the first one with some statistical data from the Price table, and the second is for the Bedrooms)

Home Prices:

Prices
$ 167,962.00
$ 169,000.00
$ 174,528.00
$ 175,823.00
$ 183,920.00
$ 188,799.00
$ 189,984.00
$ 190,032.00
$ 190,291.00
$ 194,238.00
$ 195,257.00
$ 199,448.00
$ 200,928.00
$ 202,598.00
$ 206,424.00
$ 209,292.00
$ 214,910.00
$ 216,720.00
$ 218,862.00
$ 225,750.00
$ 226,054.00
$ 226,498.00
$ 228,810.00
$ 229,990.00
$ 230,121.00
$ 237,120.00
$ 240,115.00
$ 241,920.00
$ 246,820.00
$ 248,400.00
$ 250,090.00
$ 251,269.00
$ 258,120.00
$ 263,160.00
$ 264,160.00
$ 265,440.00
$ 274,482.00
$ 275,033.00
$ 276,000.00
$ 293,700.00
$ 294,086.00
$ 294,357.00
$ 299,730.00
$ 302,720.00
$ 308,000.00
$ 310,622.00
$ 310,877.00
$ 312,863.00
$ 313,200.00
$ 316,210.00
$ 316,827.00
$ 321,320.00
$ 323,417.00
$ 326,695.00
$ 335,610.00
$ 336,000.00
$ 336,300.00
$ 337,144.00
$ 346,150.00
$ 346,421.00
$ 348,528.00
$ 351,520.00
$ 360,960.00
$ 362,710.00
$ 363,792.00
$ 366,350.00
$ 369,533.00
$ 369,978.00
$ 371,956.00
$ 372,360.00
$ 376,146.00
$ 383,081.00
$ 384,020.00
$ 384,420.00
$ 388,960.00
$ 392,554.00
$ 392,904.00
$ 393,557.00
$ 393,584.00
$ 404,538.00
$ 410,592.00
$ 416,120.00
$ 416,160.00
$ 445,740.00
$ 448,800.00
$ 453,913.00
$ 459,950.00
$ 466,560.00
$ 478,675.00
$ 487,494.00
$ 496,100.00
$ 523,584.00
$ 537,900.00
$ 546,084.00
$ 547,596.00
$ 558,342.00
$ 667,212.00
$ 667,732.00
$ 694,430.00
$ 706,596.00
$ 793,084.00
$ 793,656.00
$ 841,491.00
$ 848,420.00
$ 919,480.00

Mean

$         357,026.47

Median

$         323,417.00

Range

$         751,518.00

Mean ABD

$         116,285.26

Standard Deviation

$         160,700.13

Bedrooms

# Bedrooms Homes Sold
2 24
3 26
4 26
5 11
6 14
7 2
8 2
Grand Total 105
Math   Statistics-And-Probability   
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Homework Answers

Answer #1

a) Question: Is the standard deviation a useful statistic for describing the dispersion of sales prices? Explain

Answer: In a statistical Theory there is the major role of the Dispersion statistics. from the central tendency, we get the idea about the data i.e on average what is the sales price. or the maximum frequency containing sales price. but if the data set is large then the Central tendency values are gathered towards one of the values in the data; the central tendency fails to describes data appropriately.

The Dispersion statistics are helpful in expressing how much the members of a group differ from the mean value for the group. the standard deviation is a measure of the amount of variation or dispersion of a set of values. A low standard deviation indicates that the values tend to be close to the mean of the set, while a high standard deviation indicates that the values are spread out over a wider range. Therefore standard deviation a useful statistic for describing the dispersion of sales prices.

_________________________________________________________________________________________________

b) the Shape of the Distribution of Prices

the Histogram of the Prices is as follows

here The graph shows that the increasing trend in the Sales Price.

Mean

$         357,026.47

Median

$         323,417.00

The shape of the Distribution is Skewed Left (negatively skewed).

___________________________________________________________________________________________________

c. description of the Distribution (Bed Rooms)

here the graph of Number of Bedroom Versus the House sold is as follows

The graph shows the Negative Trend. i.e. if the Number of Bedroom increases the Homes sold decreases.

the summary statistics are as follows

Homes Sold
Mean 15
Median 14
Mode 26
Variance 113
Standard Deviation 10.63014581
First quartile 6.5
Second quartile 14
Third quartile   25

the above graph shows the shape of the Distribution is Skewed right (Positively skewed).

Conclusion:

1. The Minimum Number of Bedrooms then there are high homes sold.

2. The standard deviation is also larger. that why data contains a large variability.

3. The shape of the Distribution is Skewed right (Positively skewed).

___________________________________________________________________________________________________

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