MMP321 Lecture 2: Topic 2 Practical Solutions

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31 May 2021
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MMP321 Topic 2 Seminar Solutions
1
Topic 2: Statistical Analysis of Property Markets
Question 1:
Using the data calculate and tabulate the descriptive statistics for the variable
“sale price”.
SOLUTIONS
Output varies depending on software used. Below are the main descriptive stats:
ITEM
VALUE
Count (number observations)
100
Mean
$540,725
Variance
2.1224E+10
Standard Deviation
$145,685
Minimum
$230,000
Maximum
$950,000
Range
$720,000
Median
$541,250
Skewness
0.31263
Mode
$525,000
Question 2:
Draw a histogram for the sale price data. What can you interpret from this
diagram?
SOLUTIONS
The histogram shows that the data is pretty much normally distributed.
If you look back at the descriptive stats, you can see that the mean and median are
very close together, which suggests a normal distribution. Furthermore, we can
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