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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,

  1. 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. 
  2. Apply the method of Confidence Intervals at (97%) to Estimate answer the question whether:
    1. Average Age of House in each neighborhood is significantly different from 60 years
    2. Average Price of Houses in each neighborhood is significantly different from $415,000
    3. 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

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