Construct a table that includes the summary statistics

Assignment Help Econometrics

Reference no: EM131552592

Assignment

Determinants of Residential Property value in Las Vegas (Use the data File: Home)

The Greater Las Vegas Association of Realtors® (GLVAR) is interested in analyzing the determinants of residential property values in the Las Vegas (NV) housing market. The data set is based on the residential properties of the city of Las Vegas. Residential property values (PRICE) are explained by a number of factors. The relationship between price and these factors is written as:

PRICE =f(SQFT, BED, BATH, AGE, POOL)
PRICE = Sale price of a residential property
SQFT = Square feet, measured in size of living space
BED = Number of bedrooms
BATH = Number of bathrooms
AGE = Year of the residential property
POOL = 1 if the property has a pool or a spa and 0 if not.

Part I: Characteristics of residential properties

1. Construct a table (Table 1) that includes the summary statistics (mean, standard deviation, minimum and maximum) of all the variables. Explain briefly your findings.

2. Compute the matrix of correlation coefficients (Table 2) for the variables PRICE, SQFT, BED, BATH, AGE, POOL. Analyze the direction and strength of the relationship of the right-hand side variables (SQFT, BED, BATH, AGE, AGE, POOL) on PRICE.

3. Show the scatter plots of the relationships between (i) PRICE and SQFT, (ii) PRICE and BED, (iii) PRICE and BATH, (iii) PRICE and AGE (Use PRICE as the variable on the vertical axis in each plot). Explain your findings. Are the results of the plots consistent with the correlation results in (2)? Explain.

Part II: Comparing value of home with and without swimming pool

Is there a difference in values between residential properties with and without swimming pool or spas? Compute the average difference in values of the two types of properties. Explain your findings. Are your findings consistent with intuition? Explain (Use Table 3 to report your findings).

Table 3: Descriptive Statistics (Average Values)

Variables Home with Pool Home without Pool Difference
PRICE
SQFT
BED
BATH
AGE

Attachment:- Attachments.rar

Reference no: EM131552592

Questions Cloud

Uncertainty in the mass difference : Show that the fractional uncertainty in this mass difference is ˜4% and that the uncertainty in the mass difference is therefore ±6×10-5 u.

Discuss the wien filter process : Where would you look on the photographic plate for evidence of a mass-21 isotope of neon? And what accelerating voltage would allow these mass-21 ions.

What is your best guess for the identity of the element : A representation of the photographic detector plate of a Bainbridge mass spectrometer is shown in Fig. 8.17. Three lines are visible where ions of a single.

The role of internal and visual cues : What is the direction of the effect, as in, which group has the higher mean consumption, and what do you estimate the true effect to be?

Construct a table that includes the summary statistics : Construct a table (Table 1) that includes the summary statistics (mean, standard deviation, minimum and maximum) of all the variables.

Demonstrate an understanding of the nature : Demonstrate an understanding of the nature, function, and score of criminal justice ideas, issues and programs.

Exploring different data collection methods : Exploring Different Data Collection Methods - A Study into Numerical Descriptive Measures - A Study into Different Types of Distributions.

In what direction will the electrons be deflected : Now the electric field in the previous problem is turned off and a uniform magnetic field is made to fill the space between the plates.

What is the direction of the electric field e within wire : In a Wien velocity filter, perpendicular electric and magnetic fields are applied to moving charges so that only those charges with velocity v = E/B pass.

User Account

All Pages