STEPS

Generate a Representative Sample of the Data

Select a region and generate a simple random sample of 30 from the data.

Report the mean, median, and standard deviation of the listing price and the square foot

variables.

Analyze Your Sample

Discuss how the regional sample created is or is not reflective of the national market.

Compare and contrast your sample with the population using the National Summary Statistics

and Graphs Real Estate Data PDF document.

Explain how you have made sure that the sample is random.

Explain your methods to get a truly random sample.

Generate Scatterplot

Create a scatterplot of the x and y variables noted above and include a trend line and the

regression equation/nObserve patterns

Answer the following questions based on the scatterplot:

Define x and y. Which variable is useful for making predictions?

Is there an association between x and y? Describe the association you see in the scatter plot.

What do you see as the shape (linear or nonlinear)?

If you had a 1,800 square foot house, based on the regression equation in the graph, what

price would you choose to list at?

Do you see any potential outliers in the scatterplot?

Why do you think the outliers appeared in the scatterplot you generated?

What do they represent?