(DATA/Research Question): Flag Mickey and Minnie Home Sales, an Orange County real estate company, wants to know if there is a relationship between the price a home sells for and weeks the home was on the market prior to the sale. Mickey and Minnie conjecture that the higher the price of the home, the longer the house will be on the market. They select a simple random sample of 31 recently sold homes in Anaheim for analysis and they want to know if the number of weeks to sale influences asking price. You are asked to organize and analyze this data, and present your results to the company with an appropriate hypothesis test. Please present a report to the Mickey and Minnie executives that includes your data, results, and related evidence from national studies. Asking Price (thousands), X Weeks to Sale Y: 150 6, 250 17, 200 8, 320 12, 80 5, 120 8, 300 12, 180 6, 600 22, 300 9, 210 8, 300 16, 460 14, 670 15, 400 10, 300 18, 200 9, 240 14, 65 7, 900 13, 330 12, 205 5, 405 15, 630 16, 255 7, 310 14, 440 16, 305 13, 700 20, 280 6.

Directions:

Part 1: Collection of Data - Introduction and Primary Data Analysis:

1. Describe the objective: Before you can examine the data, you must understand the problem.

a. Discuss the importance of this issue or situation.

b. Introduce the company or organization you are preparing this report for and explain why it is important to them.

c. What is the research question? In other words, what is the basic question you, as the researcher, want to address? Why should we care about it?

d. Was this an experimental or observational study? Explain.

2. Clearly and with sufficient detail, describe the population, sample, and collection methods in this study.

a. What is the population you are interested in?

b. What is the sample, specifically?

c. What is a plausible way the sample was chosen and why?

d. What problems or biases might have occurred from choosing that type of sampling method?

3. Discuss the type of data.

a. Was the data quantitative or qualitative? Explain.

b. What is the level of measurement (nominal, ordinal, interval, and ratio)? Explain.

4. Describe the variables

a. What are the independent and dependent variables? Give the type, units, and more specific information.

b. Give examples of any confounding variables, lurking variables, and/or missing variables, and explain how they may be affecting your study.

Part 2: Organization of Data - Examination of Descriptive Statistics (graphs and tables)

organize and identify characteristics and patterns.

1. Graph your data appropriately. Construct a scatterplot, bar graph, or another graph to show

the nature of the data. For each graph, be sure you label the graph completely - that means

give it a title, label the axes, and explain what that graph means in the context of this

narrative.

2. Discuss whether the data is normally distributed. For this, use a visual inspection of a

Histogram and Normal Quantile Plot, as well as what you see in the data itself and what that

means about the high and low ends of the data.

3. Calculate and present the three Measures of Central Tendency: mean, median, and mode.

Provide both the value of the statistics as well as an analysis of what they mean in terms of

understanding the sample.

4. Calculate and present the Measures of Variation: range and standard deviation. Provide both

the value of the statistics as well as an analysis of what they mean in terms of understanding

the sample.

5. Calculate and present the 5-Number Summary: minimum, Q1, median, Q3, maximum.

Provide both the value of the statistics as well as an analysis of what they mean in terms of

understanding the sample.

6. Identify any Outliers. (HINT: Q1 - 1.5*IQR, and Q3 + 1.5*IQR).

7. Discuss any corrections: Based on your inspection of the outliers are there any errors that

should be corrected? How would you correct them? Discuss the implications of this result.