I will need a population size.
(1)Choose any city in the South. Go to a multiple listing service of your choice on the internet (ie you could use Zillow.com, Trulia, or any other MLS site).
- Randomly sample 30 houses from the total population of all single family houses on the market in that city. The variable of interest on which you are collecting information is the listing price(or you may use selling price) of the house. Be sure that you include a table using the format you used in Assignment 2 reporting the data you collected.
(2)conduct a hypothesis test about the mean value of the listing price of Single family homes in that location. The test you are conducting is trying to prove if the mean listing price of houses in the city you chose is significantly different from $326,600[average home price for houses in the South 3rd quarter, 2019 (FRED,.2019)]. Conduct the test at the .05 level of significance.
(3)Write a report of this process and your results and implications.
Points to Consider when Writing a Statistical Case
There are generally 4 main sections when writing a statistical case. (see below) Please include just the names of these subheadings in your paper (without the letters a, b, c, and d.)
1. Introduction: This section must include a statement(s) regarding the main
objective of the case. It also includes any other background information (especially about the city that you sampled) that is relevant concerning why this case is being undertaken and how this analysis might prove useful. By this I mean demographic or other relevant information on the city you chose that would pertain to the real estate market you chose. This discussion should be thorough in its description of the real estate market chosen, as well as all relevant related variables, such as per capital income, age of residents, size of population, etc. Your objective statement for the assignment is what you're trying to prove via the hypothesis test about the price.
2. Sampling Procedure: This section includes a discussion of the random number generator used in the sampling process, specifically a detailed discussion of how the numbers were generated and then used to sample the data from the population. In this discussion, you must include the date when you sampled the data, the population size, as well as the web source of the data used. ***Be sure that you appropriately cite all websites or other references used and include a reference page at the end of the case. Failure to do so is plagiarism and will result in a major deduction of points. You will include a table in this section showing the properties sampled and their selling prices. Be sure that the table is numbered and has a title and follows the format given in a sample table attached to this assignment. The table goes after the text, but before the references.
3.. Empirical Analysis: This section will include the hypothesis test used to
analyze the data. Be sure that you follow a 5 step hypothesis testing procedure. You must state Ho, Ha, etc. Be sure to state all assumptions behind the test conducted.
4. Conclusion: Based on the results of your hypothesis test, you must then apply these results to appropriately analyze the situation presented. What do the conclusions of your test tell you practically? How might you use this information in the real estate market or in making personal decisions? Are there any data limitations?
Include References for any in- text citations below the text.
You need a cover sheet.
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