In a research project, the researcher normally has a research question in mind a

Question

In a research project, the researcher normally has a research question in mind and then develops a research methodology that includes such things as determining the type of data that will be needed to address the question, how the data will be collected, and how the data will be analyzed. Due to time constraints, you will take a different approach to developing a research question. You will be given data that has already been collected and asked to develop a possible research question from the data. For this discussion, open the StatCrunch file Housing_Prices_Categorical_Factors. The variables in the file are explained in the file description in StatCrunch. The following file tells you how to enroll in the course StatCrunch Group and retrieve group files. You will need to do that in order to view the Housing Prices file for this discussion activity. Enrollment InstructionsPreview the document Look at the description of the variables in the file and the variables themselves and develop a “research question” that might be interesting to explore using this data set. Some examples are: Is there a difference in average selling price based on whether the house is on the water front or not? Do new houses sell for more than old houses? NOTE: For something like this, you would have to define what you mean by new and old.

My Questions_

are houses with fire place are valued at higher price?

2. are housing prices and land prices are correlated?

3. is land value dependent/ related to the age of house?

What methods would you use to answer questions from 1 to 3? Include step by step explanation.

Please help with statistics

Explanation / Answer

There is no data provided in the question , however the step by step approach can be as follows

are houses with fire place are valued at higher price?

the fireplace variable can be a flag variable where 1 indicates the presence of fire place and 0 represents the absence of fireplace , so we can calculate the mean price for both presence and absence of fireplace

Calculate mean with fire place

Calculate mean without fireplace

2. are housing prices and land prices are correlated?

as both the prices are continous in nature , hence we can perform a correlation analysis between the variables to see if the variables are related

the value of correlation can range from -1 to 0 to 1 , if the value of correlation is towards 1(-1) then the correlation is high positve(negative)

if it is close to zero then we can say that the housing prices and land prices are not correlated

3. is land value dependent/ related to the age of house?

again here we want to check the dependence of land value on the age of the house , both the variables are continous in nature , hence we can run a regression analysis of land value on the variable age of the house to derive a relationship of the form

land value = b0 +b1*age

where b0 is intercept and b1 is slope

check the r2 value of the regression , it can range from 0 to 1 , higher the value better the relationship

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