An investor is interested in knowing what types of houses are in highest demand
ID: 3203794 • Letter: A
Question
An investor is interested in knowing what types of houses are in highest demand in New Orleans. The first table summarizes the variable, property among those house that sole within 13 days of being on the type, that were on the market and among those houses that were on the market for more than two weeks before being sold. Houses sold during first 13 days Houses sold after 13 days on the market Use the information provided in the summary tables to fill in the following contingency table with percentages of total house sales to describe the variables, Property type and Time on Market Report the percentage values to 2 decimal places (to the 00 place.) Use the sample data to answer the following questions. (Report the percentages to 2 decimal places.) What percentage of houses on waterfront property was sold within the first 13 days being on the market? What percentage of houses not on waterfront property was sold within the first 13 days of being on the market?Explanation / Answer
Lets us put the information about the frequency of the houses sold in the format which is required for % of houses sold.
Property Type
Time on Market
Waterfront
Not waterfront
Total
Under 2 weeks
15
251
266
2 weeks or more
63
751
814
Total
78
1002
1080
The above is the same as the information provided in the question. We have simply added the frequencies horizontally and vertically.
According to it, the total number of houses sold are 1080
To find out the percentage, we need to divide each frequency with total no of houses sold and multiple the result with 100. Th following calculation
Property Type
Time on Market
Waterfront
Not waterfront
Total
Under 2 weeks
(15/1080)*100
(251/1080)*100
(266/1080)*100
2 weeks or more
(63/1080)*100
(751/1080)*100
(814/1080)*100
Total
(78/1080)*100
(1002/1080)*100
(1080/1080)*100
a) The result is the following in percentage
Property Type
Time on Market
Waterfront
Not waterfront
Total
Under 2 weeks
1.39%
23.24%
24.63%
2 weeks or more
5.83%
69.54%
75.37%
Total
7.22%
92.78%
100.00
b) From the table, we can note that
Percentage of houses on waterfront property that were sold within first 13 days of being in market = 1.39%
Percentage of houses not on waterfront property that were sold within first 13 days of being in market = 23.24%
Property Type
Time on Market
Waterfront
Not waterfront
Total
Under 2 weeks
15
251
266
2 weeks or more
63
751
814
Total
78
1002
1080
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