The file P02_11.xlsx contains data on 148 houses that were recently sold in a (fictional) suburban community. The data set includes the selling price of each house, along with its appraised value, square footage, number of bedrooms, and number of bathrooms.
a. Create two new variables, Ratio 1 and Ratio 2. Ratio 1 is the ratio of Appraised Value to Selling Price, and Ratio 2 is the ratio of Selling Price to Square Feet. Identify any obvious outliers in these two Ratio variables.
b. Find the mean, median, and standard deviation of each Ratio variable, broken down by Bedrooms. Also, create side-by-side box plots of each Ratio variable, again broken down by Bedrooms. Comment on the results.
c. Repeat part b with Bedrooms replaced by Bathrooms.
d. If you repeat parts b and c with any obvious outlier(s) from part a removed, do the conclusions change in any substantial way?