Base on the given data uploaded,  Will you conclude that people can bargain price down when purchasing a house at 5% level of significance? Will you conclude that the 3-bedroom houses is cheaper than 4-bedroom houses? Your answer needs to include 1. Output, 2. Ho and Ha, 3. P value, 4, statistical decision and 5. Interpretation.

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sellprice listprice LIVINGAREA ROOMS BEDRMS BATHRMS AGE ACRES TAXES
710.00 800 28 10 5 3 60 0.28 3167
875.00 900 18 8 4 1 12 0.43 4033
645.00 660 13 6 3 1 41 0.33 1471
690.00 700 17 7 3 1 22 0.46 3204
1160.00 1200 25 8 4 3 5 2.05 3613
675.00 700 18 7 4 3 9 0.57 3028
750.00 800 20 8 4 3 18 4.00 3131
1035.00 1125 22 8 4 2 16 2.22 5158
1355.00 1425 30 10 5 2 30 0.53 5702
445.00 450 10 5 3 1 43 0.30 2054
765.00 785 22 8 3 3 18 0.38 4127
432.50 450 16 7 3 1 50 0.65 1445
1170.00 1190 25 8 4 2 2 1.61 2087
527.50 580 20 8 4 1 13 0.22 2818
875.00 900 22 8 4 2 15 2.06 3917
825.00 850 17 8 4 2 33 0.46 2220
830.00 850 23 9 4 2 37 0.27 3498
680.00 700 19 7 3 1 22 0.63 3607
740.00 800 17 7 3 2 13 0.36 3648
755.00 765 19 8 4 2 24 0.34 3561
900.00 950 24 9 4 2 10 1.55 4681
1465.00 1525 26 8 4 3 6 0.46 7088
835.00 850 20 9 4 2 46 0.46 3482
950.00 965 22 9 5 2 37 0.48 3920
920.00 950 21 9 5 2 27 1.30 4162
785.00 825 20 8 4 2 7 0.30 3785
550.00 575 16 8 4 1 26 0.29 3103
675.00 725 18 7 4 1 35 0.43 3363
2835.00 3125 64 11 4 3 4 0.85 12192
900.00 925 20 8 4 2 11 1.00 3831
915.00 940 17 7 3 2 16 3.00 3564
925.00 965 20 9 3 2 56 6.49 3765
760.00 775 17 8 4 1 33 0.70 3361
740.00 765 13 6 3 2 22 0.39 3950
760.00 795 15 7 3 1 25 0.59 3055
730.00 750 16 7 3 1 31 0.36 2950
850.00 950 24 10 3 2 33 0.57 3346
635.00 650 20 8 4 1 65 0.40 3334
1325.00 1350 36 10 6 3 33 1.20 5853
785.00 815 18 8 4 2 12 1.13 3982
640.00 675 17 9 4 1 25 0.52 3374
550.00 600 15 8 4 2 11 0.59 3119
615.00 650 18 8 4 2 43 0.39 3268
1060.00 1150 39 12 5 3 202 4.29 3648
725.00 725 18 8 4 2 44 0.22 2783
645.00 675 10 6 3 1 15 1.00 2438
715.00 725 21 7 4 2 10 1.20 3529
1235.00 1260 29 9 4 2 4 1.25 4626
555.00 600 15 8 3 1 97 1.11 3205
665.00 725 26 7 3 1 42 0.36 3059

Base on the given data uploaded, 

  1. Will you conclude that people can bargain price down when purchasing a house at 5% level of significance?
  2. Will you conclude that the 3-bedroom houses is cheaper than 4-bedroom houses?

Your answer needs to include 1. Output, 2. Ho and Ha, 3. P value, 4, statistical decision and 5. Interpretation.

Expert Solution
Step 1

1. 

The concerned variables are listing price and selling price of the houses. If the people bargain, then selling price will be less than the listing price. Since the observations are coming from same sampling unit, we use paired t-test here. 

Let Xi denotes the listing price and Yi denotes the selling price.

The difference in prices is di=Xi-Yi

 

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Follow-up Questions
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Follow-up Question

Base on the same given data uploaded in module 4, will you conclude that the number of bathroom of houses is a significant factor for house sellprice? I your answer is affirmative, you need to explain how the number of bathroom influences the house price, using a post hoc procedure. (Please treat number of bathrooms as a categorical variable in this analysis) Each question need to include a spss or sas output.

Sig is not coming out as 0 Please share your screen shots also for more detailed?

 

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Follow-up Question

Can this all be completed with SPSS along with all of the steps as well please? 

  1. Base on the same given data uploaded in module 4, will you conclude that the number of bathroom of houses is a significant factor for house sellprice? I your answer is affirmative, you need to explain how the number of bathroom influences the house price, using a post hoc procedure. (Please treat number of bathrooms as a categorical variable in this analysis)
  2. Base on the same given data, conduct an analysis for the variable sale price to see if sale price is influenced by living area. Summarize your finding including all regular steps (learned in this module) for your method. Also, will you conclude that larger house corresponding to higher price (justify)?

Each question need to include a spss output.

Solution
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Follow-up Question

Can this all be completed with SPSS along with all of the steps as well please

Solution
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Follow-up Question
  1. Base on the same given data uploaded in module 4, will you conclude that the number of bathroom of houses is a significant factor for house price? I your answer is affirmative, you need to explain how the number of bathroom influences the house price, using a post hoc procedure. (Please treat number of bathrooms as a categorical variable in this analysis)
  2. Base on the same given data, conduct an analysis for the variable sale price to see if sale price is influenced by living area. Summarize your finding including all regular steps for your method. Also, will you conclude that larger house corresponding to higher price (justify)?
Solution
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Follow-up Question

 ANOVA or Regression based on the project data (provided in the module 4) and research question in the project file.

Your answer need to include 1. Output, 2. Ho and Ha, 3. P value, 4, statistical decision and 5. Interpretation.

Solution
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