Question 1(25 Marks In Europe countries, the demand on purchasing homes located
ID: 3057868 • Letter: Q
Question
Question 1(25 Marks In Europe countries, the demand on purchasing homes located only a few steps away from beach is increasing among rich people there. Based on a realtor's claim, the oceanfront homes (directly on the beach) have greater value than oceanside homes, which are not directly on the beach. Listed below are fair market values (in thousands of dollars) of randomly 10 selected homes on Long Beach Island in New Jersey. Oceanfront 21993750 1725 2398 2799 4521 1865 2553 3025 1755 Oceanside 700 1355 795 1575 759 1865 2045 956 8251348 a) What are the average market values for the both oceanfront and oceanside homes? Compare the differences 5 marks (8 marks) [12 marks] b) Compare the variation of the market value between both type of homes using standard deviation and relative dispersion measurement. c) At 5 percent significance level, can we conclude that oceanfront homes have greater market value compared to oceanside homes?Explanation / Answer
Question 1(25 Marks In Europe countries, the demand on purchasing homes located only a few steps away from beach is increasing among rich people there. Based on a realtor's claim, the oceanfront homes (directly on the beach) have greater value than oceanside homes, which are not directly on the beach. Listed below are fair market values (in thousands of dollars) of randomly 10 selected homes on Long Beach Island in New Jersey. Oceanfront 21993750 1725 2398 2799 4521 1865 2553 3025 1755 Oceanside 700 1355 795 1575 759 1865 2045 956 8251348 a) What are the average market values for the both oceanfront and oceanside homes? Compare the differences 5 marks (8 marks) [12 marks] b) Compare the variation of the market value between both type of homes using standard deviation and relative dispersion measurement. c) At 5 percent significance level, can we conclude that oceanfront homes have greater market value compared to oceanside homes?
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.