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STATS6900
Quantitative Methods for Business
Assignment – 2015/07

Date Due: Refer to Course Description
Total Marks: 50 (45 marks for questions + up to 5 bonus marks for overall structure)
Worth: 20% of final assessment
This assignment requires a considerable amount of computer work and written comment. You may need to seek guidance from your tutor along the way. Do not leave the Assignment until too late. Each question carefully describes what you are required to do, so please follow the instructions carefully. Your answer to each question should begin with the number of the question. Refer to the Assessment Criteria and General Marking Guide below for details.

As anyone who has looked at house prices knows, house prices depend on the local market. To control for that, we will restrict our attention to a single market. We have a random sample of 211 home sales for January 2015 from a metro region around the city of Chicago; data are obtained from a real estate research site of Zillow.com.

The first thing often mentioned in describing a house for sale is the number of bedrooms. In this assignment you will examine the relationship between house prices and the number of bedrooms, and develop a potential statistical regression model to predict house prices from the variable number of bedrooms.

Data is contained in a file called ‘HouseSales.xls’ and the columns of the file contain the following information:

ColumnNameDescriptionAHouse ID NumberNumber to identify each house sold
B
House Price
Price of the house (in thousands of $US)
CBedroomsNumber of bedrooms in the house

Before you begin any analysis you must take a random sample of 180 records from the 211 provided in the file HouseSales.xls. Use the Random Sample Generator, available on Moodle in the Lab Bundle, to do this. Your answers to the assignment tasks below are to be based on your sample of 180 records. Make sure you keep a safe copy of your sample, since you cannot use the…