1] Sample of residential property prices on January 10, 2010 in Toronto, New York and Vancouver. All values are in Canadian Dollars. Determine if there is a difference in the residential property prices. If there is a difference indicate where prices are higher or lower.
For this situation, we use the ANOVA test based on these assumptions:
Another use of the F distribution is the analysis of variance (ANOVA) technique in which we compare three or more population means to determine whether they could be equal.
To use ANOVA, we assume the following:
i. The populations follow a normal distribution.
ii. The populations have equal standard deviations
iii. The populations are independent
H0: Let µ1 represent the residential property price in Toronto.
Let µ2 represent the residential property price in New York.
Let µ3 represent the residential property price in Vancouver.
HA: Let
2] Sample of residential lot sizes in meters squared of residential properties for sale January 10, 2010 in Toronto and Vancouver. Determine if there is a significant difference in the lot sizes for the residential properties for sale.
Step 1:
d=before-after
Let µd be the population mean difference in the lot sizes in square meters of residential properties for sale January 10, 2010 in Toronto and Vancouver.
Step 2:
H0: µd = 0
HA: µd ≠ 0
Step 3:
Level of significance: 0.05
Step 4:
Paired observation mean t- test
Step 5:
tStatistic: -15.991
tCritical: 1.684
p-value:
degree of freedom: 44
Step 6:
Since the p-value < 0.05, reject the null hypothesis. There is enough evidence to conclude that there is a significant difference in the lot sizes in square meters of residential properties for sale January 10, 2010 in Toronto and Vancouver.
3] Samples of Family Incomes of home buyers in Toronto and Montreal. Specifically a random sample of Toronto purchasers was selected and then Incomes of Montreal...