Question: You have been provided information on summary statistical data for two neighborhoods. Specifically, you have been provided calculations on the Average Price Per Square Foot,

You have been provided information on summary statistical data for two neighborhoods. Specifically, you have been provided calculations on the Average Price Per Square Foot, Average Age and Average, and the Average Prices for houses in the two neighborhoods and the Standard Deviation of each variable.

Apply the method of Confidence Intervals at (97%) to Estimate answer the question whether:

Average Age of House in each neighborhood is significantly different from 60 years
Average Price of Houses in each neighborhood is significantly different from $415,000

List at least two reasons that you think that the Average Price of houses and the Average Age of Houses in one neighborhood will be different from the other neighborhood in the file (You may use personal knowledge of the neighborhoods).

Comparative Descriptive Statistics – Arocher vs Borough Park Average Price per Square Foot, Average Age of House & Average Price of House

Neighborhood and Sample Size (n)	Average	Standard Error	Standard Deviation
Average Age of House
Staten Island, Arocher (40)	39.4250	4.48128	28.34213
Brooklyn, Borough Park (49)	91.6939	2.04233	14.29628

Average Price of House
Staten Island, Arocher (40)	$396,374.30	$14,930.990	$94,431.873
Brooklyn, Borough Park (49)	$696,638.78	$24,093.715	$168,656.005

Step by Step Solution

★★★★★

3.43 Rating (159 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

I Confidence Interval can be calculated by Average torit x standard Exror or Average tont x Stand... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!

You have been provided with Poskie Ltds adjusted trial balance. (Poskie Ltd is a wholesaler of cat toys.) From this, please prepare a SOCI and a Statement of Changes in Equity for the year ending 30...

List at least five reasons that inventory is a complex accounting and auditing area.

You have been provided with the following ratios for two retail businesses. Use the ratios to evaluate and compare the liquidity situations of the twobusinesses. Business ABusiness B Current ratio...

Haglund Department Store is located in the downtown area of a small city. While the store had been profitable for many years, it is facing increasing competition from large national chains that have...

An article in the Journal of the Environmental Engineering Division (Distribution of Toxic Substances in Rivers, 1982, Vol. 108, pp. 639649) investigates the concentration of several hydrophobic...

(Analysis of Various Accounting Changes and Errors) Joblonsky Inc. has recently hired a new independent auditor, Karen Ogleby, who says she wants to get everything straightened out. Consequently, she...

Diversified Products, Inc., has recently acquired a small publishing company that Diversified Products intends to operate as one of its investment centers. The newly acquired company has three books...

An article in the April 12, 2004, edition of BusinessWeek, "The Costco Way'Higher Wages Mean Higher Profits," compared Costco Wholesale Corporation data with Wal-Mart's Sam's Club data. The tables...

Recompute the regression fits from Probs. (a) 17.4, and (b) 17.15, using the matrix approach. Estimate the standard errors and develop 90% confidence intervals for the coefficients.

Firefly Travel Services has recently shifted its performance measurement system to include Economic Value Added (EVA). The Firefly accountant gathered the following data for 2012: Operating income ....

Problem #3 (45): AEOLIAN Offshore Resources (AOR) provides the financial data set out below. Permanent and temporary account balances are from 2023 12 31 fye, and fy 2024, respectively. Required:...

Solve the triangle. A=49,b=8,c=9 a= (Do not round until the final answer. Then round to the nearest tenth as needed.) B= (Do not round until the final answer. Then round to the nearest degree as...

Discuss some aspect of the source (http://new-courses.justice.eku.edu/OSH/OSH366/Docs/OSH366W6_SickBuildingSyndrome.pdf) that you found interesting and why

Fortune Inc., a manufacturer of plastic materials useful for various textile company, expended P2,050,000 in research and development costs which resulted to a new formula which makes its plastic...

a force 4 5 0 N is applied to a small piston of area 5 0 cm ^ 2 on a hydraulic jack. the hydraulic jack is required to lift a load 1 8 9 3 . 2 N . Calculate the area of the larger piston using...

Parker \& Stone, Incorporated, is looking at setting up a new manufacturing plant in South Park to produce garden tools. The company bought some land six years ago for $5.6 million in anticipation of...

Eleni Cabinet Company sold 2,200 cabinets during 2011 at $160 per cabinet. Its beginning inventory on January 1 was 130 cabinets at $56. Purchases made during the year were as follows: February . 225...

After researching the market, Waldo Books (see Problem 8-21) has concluded that the probabilities of selling 50, 100, 150, and 200 books next month are 0.2,0.35, 0.25, and 0.2, respectively. (a)...

Dr. Carter Logue practices dentistry in Santa Fe, New Mexico. Logue tries hard to schedule appointments so that patients do not have to wait beyond their appointment time. His October 20 schedule is...

How can a firm benefit from using the pricing out procedure?

Compare the minimum distribution requirements for traditional IRAs to those of Roth IRAs.

When a taxpayer takes a nonqualified distribution from a Roth IRA, is the entire amount of the distribution treated as taxable income?

In 2014, Maggy (34 years old)is an employee of YBU Corp. YBU provides a 401(k) plan for all its employees. According to the terms of the plan, YBU contributes 50 cents for every dollar the employee...