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Statistics / Statistical Techniques in Business and Economics 15 / Chapter 2 / Problem 51

Statistical Techniques in Business and Economics | 15th Edition | ISBN: 9780073401805 | Authors: Douglas Lind, William Marchal, Samuel Wathen

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Refer to the Real Estate data at the end of the book, which reports information on homes

Chapter 0, Problem 51

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QUESTION:

Refer to the Real Estate data at the end of the book, which reports information on homes sold in the Goodyear, Arizona, area during the last year. Select an appropriate class interval and organize the selling prices into a frequency distribution. Write a brief report summarizing your finding. Be sure to answer the following questions in your report. a. Around what values do the data tend to cluster? b. What is the largest selling price? What is the smallest selling price? c. Draw a cumulative frequency distribution. How many homes sold for less than $200,000? Estimate the percent of the homes that sold for more than $220,000. What percent of the homes sold for less than $125,000? d. Refer to the variable regarding the townships. Draw a bar chart showing the number of homes sold in each township. Are there any differences or is the number of homes sold about the same in each township?

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QUESTION:

Refer to the Real Estate data at the end of the book, which reports information on homes sold in the Goodyear, Arizona, area during the last year. Select an appropriate class interval and organize the selling prices into a frequency distribution. Write a brief report summarizing your finding. Be sure to answer the following questions in your report. a. Around what values do the data tend to cluster? b. What is the largest selling price? What is the smallest selling price? c. Draw a cumulative frequency distribution. How many homes sold for less than $200,000? Estimate the percent of the homes that sold for more than $220,000. What percent of the homes sold for less than $125,000? d. Refer to the variable regarding the townships. Draw a bar chart showing the number of homes sold in each township. Are there any differences or is the number of homes sold about the same in each township?

ANSWER:

Step 1 of 5

(a) Let represent the number of classes and the number of observations. We then choose to be equal to the smallest integer such that .

In this case, we have 105 data values. Since and is the smallest integer such that 105 and thus we require 7 classes.

The class width is the difference between the highest and lowest value, divided by the number of classes.

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