1.Sampling Methods and the Central Limit Theorem) Chapter 8

Refer to the Real Estate data, which report information on the homes sold in the Goodyear, Arizona, area last year. Use the statistical software to compute the mean and the standard deviation of the selling prices. Assume this to be the population. Select a sample of 10 homes. Compute the mean and standard deviation of the sample. Determine the likelihood of a sample mean this large or larger from the population.

2. (Estimation and Confidence Intervals) Chapter 9

Refer to Real Estate data, which report information on homes sold in Goodyear, Az, area during the last year.

a. Develop a 95% confidence interval for the mean selling price of the homes.

b. Develop a 95% confidence interval for the mean distance the home is from the center of the city.

c. Develop a 95% confidence interval for the proportion of homes with an attached garage.

d. To report findings, write a business style memo to Gary Loftus, the president of the GoodYear Chamber of Commerce.

3. (One Sample Tests of Hypothesis) Chapter 10

Refer to the Real Estate data, which report information on the homes sold in GoodYear, Arizona, last year.

a. A recent article in the ArizonaRepublic indicated that the mean selling price of the homes in the area is more than $220,000. Can we conclude that the mean selling price in the Goodyear, AZ, area is more than $220,000? Use .01 significance level. What is the p-value?

b. The same article reported the mean size was more than 2,100 sq ft. Can we conclude that the mean size of the homes sold in the Goodyear, AZ, area is more than 2,100 sq ft? Use the .01 significance level. What is the p-value?

c. Determine the proportion of homes thatan attached garage. At the .05 significance level, can we conclude that more than 60% of the homes sold in the Goodyear AZ are had an attached garage? What is the p-value?

d. Determine the proportion of homes that have a pool. At the .05 significance level, can we conclude that more than 60% of the homes sold in the Goodyear Az area had a pool? What is the p-value?

4. (Correlation and Linear Regression) Chapter 13

Refer to the Real Estate data, which report information on the homes sold in GoodYear, Arizona, last year.

  1. Let selling price be the dependent variable and size of the home the independent variable. Determine the regression equation. Estimate the selling price for a one with an area of 2,200 square feet. Determine the 95% confidence interval and the 95% prediction interval for the selling price of a home with 2,200 square feet.
  1. Let selling price be the dependent variable and distance from the center of the city the independent variable. Determine the regression equation. Estimate the selling price of a home 20 miles from the center of the city. Determine the 95% confidence interval and the 95% prediction interval for homes 20 miles from the center of the city.

c. Ca you conclude that the independent variables “distance from the cener of the city” and “selling price” are negatively correlated and that the area of the home and the selling price are positively correlated? Use the .05 significance level. Report the p-value of the test. Summarize your results in brief report.