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Zillow.com estimates of home values. Zillow.com is a real

Statistics for Business and Economics | 12th Edition | ISBN: 9780321826237 | Authors: James T. McClave, P. George Benson, Terry T Sincich ISBN: 9780321826237 51

Solution for problem 15E Chapter 1

Statistics for Business and Economics | 12th Edition

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Statistics for Business and Economics | 12th Edition | ISBN: 9780321826237 | Authors: James T. McClave, P. George Benson, Terry T Sincich

Statistics for Business and Economics | 12th Edition

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Problem 15E

Problem 15E

Zillow.com estimates of home values. Zillow.com is a real estate Web site that provides free estimates of the market value of homes. A trio of University of Texas at San Antonio professors compared Zillow estimates to actual sale prices of homes and published their results in The Appraisal Journal (Winter 2010). The analysis was based on data collected for 2,045 single-family residential properties in Arlington, Texas, that sold during the last 6 months of 2006. Sale price and Zillow estimated value (in dollars) were measured for each property. Zillow claims that this market has one of its highest-accuracy ratings. However, the research revealed that Zillow overestimated the market value by more than 10% for nearly half of the properties.

a. What is the experimental unit for this study?

b. Describe the variables measured in the study. Do these variables produce quantitative or qualitative data?

c. Give a scenario where the 2,045 properties represent a population.

d. If the 2,045 properties represent a representative sample from a population, describe the population.

e. Suppose the relevant population is all single-family residential properties in the United States. Do you believe the 2,045 properties are representative of this population? Explain.

Step-by-Step Solution:

Answer

Step 1 of 5

(a)

 Zillow.com is a real estate Web site that provides free estimates of the market value of homes.

The analysis was done on data collected from  single-family residential properties in Arlington, Texas, that sold during the last  months of 2006.

However, the research revealed the Zillow overestimated the market value by more than  for nearly half of the properties.

We need to find the experimental unit for this study.

The study of a single-family residential properties in Arlington, Texas would be the experimental unit.


Step 2 of 5

Chapter 1, Problem 15E is Solved
Step 3 of 5

Textbook: Statistics for Business and Economics
Edition: 12
Author: James T. McClave, P. George Benson, Terry T Sincich
ISBN: 9780321826237

The full step-by-step solution to problem: 15E from chapter: 1 was answered by , our top Business solution expert on 07/21/17, 05:42AM. Since the solution to 15E from 1 chapter was answered, more than 1385 students have viewed the full step-by-step answer. This full solution covers the following key subjects: zillow, properties, population, market, estimates. This expansive textbook survival guide covers 15 chapters, and 1631 solutions. This textbook survival guide was created for the textbook: Statistics for Business and Economics , edition: 12. Statistics for Business and Economics was written by and is associated to the ISBN: 9780321826237. The answer to “Zillow.com estimates of home values. Zillow.com is a real estate Web site that provides free estimates of the market value of homes. A trio of University of Texas at San Antonio professors compared Zillow estimates to actual sale prices of homes and published their results in The Appraisal Journal (Winter 2010). The analysis was based on data collected for 2,045 single-family residential properties in Arlington, Texas, that sold during the last 6 months of 2006. Sale price and Zillow estimated value (in dollars) were measured for each property. Zillow claims that this market has one of its highest-accuracy ratings. However, the research revealed that Zillow overestimated the market value by more than 10% for nearly half of the properties.a. What is the experimental unit for this study?b. Describe the variables measured in the study. Do these variables produce quantitative or qualitative data?c. Give a scenario where the 2,045 properties represent a population.d. If the 2,045 properties represent a representative sample from a population, describe the population.e. Suppose the relevant population is all single-family residential properties in the United States. Do you believe the 2,045 properties are representative of this population? Explain.” is broken down into a number of easy to follow steps, and 191 words.

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