Computer project # 2: Date (Median) 06/2008 $437,097 05/2008 $449,475 04/2008 $4
ID: 3250317 • Letter: C
Question
Computer project # 2:
Date
(Median)
06/2008
$437,097
05/2008
$449,475
04/2008
$451,250
03/2008
$463,860
02/2008
$472,475
01/2008
$480,700
12/2007
$494,360
11/2007
$499,599
10/2007
$510,180
09/2007
$520,999
08/2007
$527,975
07/2007
$534,800
06/2007
$539,500
05/2007
$543,750
04/2007
$546,000
03/2007
$549,724
02/2007
$549,450
01/2007
$549,100
12/2006
$549,975
11/2006
$554,975
10/2006
$559,580
09/2006
$567,247
08/2006
$570,725
07/2006
$575,770
06/2006
$578,837
05/2006
$579,340
04/2006
$579,666
The data above is the median price of LA County from 04/2006 to 06/2008. Answer the following questions.
Define the variable and the populations.
Describe how the sample was selected.
Find 90% CI for population mean. interpreted your answer.
Find the regression line formula
Use the regression line formula to predict the average price
Date
(Median)
06/2008
$437,097
05/2008
$449,475
04/2008
$451,250
03/2008
$463,860
02/2008
$472,475
01/2008
$480,700
12/2007
$494,360
11/2007
$499,599
10/2007
$510,180
09/2007
$520,999
08/2007
$527,975
07/2007
$534,800
06/2007
$539,500
05/2007
$543,750
04/2007
$546,000
03/2007
$549,724
02/2007
$549,450
01/2007
$549,100
12/2006
$549,975
11/2006
$554,975
10/2006
$559,580
09/2006
$567,247
08/2006
$570,725
07/2006
$575,770
06/2006
$578,837
05/2006
$579,340
04/2006
$579,666
Explanation / Answer
Answer:
The data above is the median price of LA County from 04/2006 to 06/2008. Answer the following questions.
Define the variable and the populations.
variable is sales price and the population is price of all counties.
Describe how the sample was selected.
Sample data (median sales prices ) was collected over 27 months from 04/2006 to 06/2008.
Find 90% CI for population mean. interpreted your answer.
Confidence Interval Estimate for the Mean
Data
Sample Standard Deviation
27439.82349
Sample Mean
$442,365
Sample Size
27
Confidence Level
90%
Intermediate Calculations
Standard Error of the Mean
5280.796494
Degrees of Freedom
26
t Value
1.7056
Interval Half Width
9007.0211
Confidence Interval
Interval Lower Limit
433358.28
Interval Upper Limit
451372.32
90% CI= (433358.28, 451372.32).
We are 90% confident that true price will fall in the interval (433358.28, 451372.32).
Find the regression line formula
Use the regression line formula to predict the average price
Regression Analysis
r²
0.107
n
27
r
-0.327
k
1
Std. Error
26444.178
Dep. Var.
(Median)
ANOVA table
Source
SS
df
MS
F
p-value
Regression
2,094,177,837.2460
1
2,094,177,837.2460
2.99
.0959
Residual
17,482,363,910.3836
25
699,294,556.4153
Total
19,576,541,747.6296
26
Regression output
confidence interval
variables
coefficients
std. error
t (df=25)
p-value
95% lower
95% upper
Intercept
458,195.1852
10,467.8589
43.772
3.76E-25
436,636.2262
479,754.1442
t
-1,130.7063
653.3910
-1.731
.0959
-2,476.3902
214.9775
The regression line price =458,195.1852-1,130.7063*time
Price (Median)
count
27
mean
442,365.30
sample standard deviation
27,439.82
sample variance
752,943,913.37
minimum
437072
maximum
579666
range
142594
Confidence Interval Estimate for the Mean
Data
Sample Standard Deviation
27439.82349
Sample Mean
$442,365
Sample Size
27
Confidence Level
90%
Intermediate Calculations
Standard Error of the Mean
5280.796494
Degrees of Freedom
26
t Value
1.7056
Interval Half Width
9007.0211
Confidence Interval
Interval Lower Limit
433358.28
Interval Upper Limit
451372.32
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.