Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

AMES HOUSING CASE STUDY - Investigation of Probabilities and Determining Independence of BONUS and KITCHEN QUALITY: Ames Housing Data include the over 100 variables (columns)

image text in transcribed
image text in transcribed
image text in transcribed
AMES HOUSING CASE STUDY - Investigation of Probabilities and Determining Independence of BONUS and KITCHEN QUALITY: Ames Housing Data include the over 100 variables (columns) that describe the characteristics of the data, the variable I would like you to analyze is BONUS. The variable BONUS is defined as follow: If the agent sold the house for more than $175,000 the agent earned a bonus (BONUS=YES); otherwise the agent did not earn a bonus (BONUS=NO). You will not do any statistical analysis on the excel data but I also posted the data so that you have a better idea about the data and the variables. You can find the full data excel file on moodle. For the Ames Housing Data, there are 300 houses where 82 resulted in the Agent earning a BONUS and 218 resulted in the Agent NOT earning BONUS. Also note that of the 300 houses, 105 were rated as having HIGH KITCHEN QUALITY, whereas, 195 were rated as NOT having HIGH KITCHEN QUALITY. Use the following Table to answer probability questions: TOTAL HIGH KITCHEN QUALITY YES (B1) NO (B2) 62 43 175 195 20 BONUS - YES (A1) BONUS - NO (A2) TOTAL 218 105 1. What is the probability that an agent earned a bonus? 2. What is the probability that an agent did not earn a bonus? Focus Start the long weekend early! What is the probability that a house was rated as having high kitchen quality? What is the probability that a house resulted in an agent earning a bonus and rated as having high kitchen quality? 5. What is the probability that a house resulted in an agent earning a bonus or was rated as having high kitchen quality? 6. Given that the house was rated as having high kitchen quality, what is the probability that the agent earned a bonus? Given that the house was rated as NOT having high kitchen quality, what is the probability that the agent earned a bonus? Jnited States) Focus Start the long weekend early! 6. Given that the house was rated as having high kitchen quality, what is the probability that the agent earned a bonus? 7. Given that the house was rated as NOT having high kitchen quality, what is the probability that the agent earned a bonus? Are the events BONUS and HIGH KITCHEN QUALITY dependent or independent? Yes or No? Explain

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advances In Spatial And Temporal Databases 8th International Symposium Sstd 2003 Santorini Island Greece July 2003 Proceedings Lncs 2750

Authors: Thanasis Hadzilacos ,Yannis Manolopoulos ,John F. Roddick ,Yannis Theodoridis

2003rd Edition

3540405356, 978-3540405351

More Books

Students also viewed these Databases questions