Is There an Association Between Spaces From Go and Property Cost?



Download 70.83 Kb.
Date09.12.2017
Size70.83 Kb.
#35818
Is There an Association Between Spaces From Go and Property Cost?


Property

Spaces from GO

Cost

Residuals

Mediterranean Avenue

1

60




Baltic Avenue

3

60




Reading Railroad

5

200




Oriental Avenue

6

100




Vermont Avenue

8

100




Connecticut Avenue

9

120




St. Charles Place

11

140




Electric Company

12

150




States Avenue

13

140




Virginia Avenue

14

160




Penn Railroad

15

200




St. James Place

16

180




Tennessee Avenue

18

180




New York Avenue

19

200




Kentucky Avenue

21

220




Indiana Avenue

23

220




Illinois Avenue

24

240




B & O Railroad

25

200




Atlantic Avenue

26

260




Ventnor Avenue

27

260




Water Works

28

150




Marvin Gardens

29

280




Pacific Avenue

31

300




North Carolina Avenue

32

300




Pennsylvania Avenue

34

320




Short Line Railroad

35

200




Park Place

37

350




Boardwalk

39

400






Scatterplots,_Correlation,_and_Regression_-_Monopoly_Example'>AP Statistics - Chapter 3 - Scatterplots, Correlation, and Regression - Monopoly Example


  1. Define the explanatory and response variables.




  1. Draw a scatterplot of (Spaces From Go, Cost). Make the scatterplot reasonable size (not too small). Sketch the line of best fit.




  1. Does there appear to be an association between the two variables?
    Describe the data (association, form, strength, unusual features).




  1. Find the Coefficient of Correlation, r. Describe what r means.




  1. Find a “Line of Best Fit” by hand: y = mx+b.




  1. The LSRL always goes through point ____________.




  1. Find the LSQRL using your calculator.




  1. Find the LSQRL using the Minitab Output for “Descriptive Statistics”




  1. Find the LSQRL using the Minitab Output for “Regression Analysis”




  1. What does b represent? What does m represent?




  1. Are there any unusual points? What are they?




  1. What is a residual? What is the formula for finding a residual?




  1. Find the residuals. Create a residual plot. Comment on what you notice.




  1. Is your model a good linear fit? Explain (use numerical and graphical summaries).




  1. Find the standard deviation of the residuals. What does this mean?




  1. Predict the cost of a “new property” that is 10 spaces from Go. Write a sentence describing your prediction.




  1. Predict the cost of a “new property” that is 38 spaces from Go. Write a sentence describing your prediction.




  1. Predict the cost of a “new” property that is 50 spaces from Go. Write a sentence describing your prediction.




  1. Find r squared. Describe what it means.



Descriptive Statistics: Spaces From Go, Cost
Variable N N* Mean SE Mean StDev Minimum Q1 Median Q3

Spaces From Go 28 0 20.04 2.07 10.94 1.00 11.25 20.00 28.75

Cost 28 0 203.2 16.0 84.5 60.0 142.5 200.0 260.0
Variable Maximum

Spaces From Go 39.00

Cost 400.0
Regression Analysis: Cost versus Spaces From Go
The regression equation is

Cost = 67.3 + 6.78 Spaces From Go


Predictor Coef SE Coef T P

Constant 67.28 16.49 4.08 0.000

Spaces From Go 6.7845 0.7255 9.35 0.000

S = 41.2240 R-Sq = 77.1% R-Sq(adj) = 76.2%



Analysis of Variance

Source DF SS MS F P

Regression 1 148626 148626 87.46 0.000

Residual Error 26 44185 1699

Total 27 192811
Unusual Observations

Spaces


Obs From Go Cost Fit SE Fit Residual St Resid

3 5.0 200.00 101.21 13.40 98.79 2.53R

21 28.0 150.00 257.25 9.70 -107.25 -2.68R

26 35.0 200.00 304.74 13.36 -104.74 -2.69R


R denotes an observation with a large standardized residual.
Regression Analysis: Cost versus Spaces From Go – *** Removed Influential Points ***
The regression equation is

Cost = 43.2 + 8.24 Spaces From Go


Predictor Coef SE Coef T P

Constant 43.153 6.747 6.40 0.000

Spaces From Go 8.2377 0.3025 27.23 0.000

S = 15.7564 R-Sq = 97.0% R-Sq(adj) = 96.9%



Analysis of Variance

Source DF SS MS F P

Regression 1 184106 184106 741.57 0.000

Residual Error 23 5710 248

Total 24 189816

Unusual Observations

Spaces


Obs From Go Cost Fit SE Fit Residual St Resid

10 15.0 200.00 166.72 3.46 33.28 2.17R

17 25.0 200.00 249.10 3.53 -49.10 -3.20R

25 39.0 400.00 364.42 6.63 35.58 2.49R


R denotes an observation with a large standardized residual.

Scatterplots

Draw a scatterplot of (Spaces From Go, Cost).





Residual Plots

  1. Create a residual plot with the monopoly data. Comment on what you see.




Download 70.83 Kb.

Share with your friends:




The database is protected by copyright ©ininet.org 2024
send message

    Main page