Explain each factor’s mean and standard deviation.

GBA 306Statistical Methods of Business II–Case Study–Indiana Real Estate

Ann Perkins, a realtor in Brownsburg, Indiana, would like to use estimates from a multiple regression model to help prospective sellers determine a reasonable asking price for their homes. She believes that the following four factors influence the asking price (Price) of a house:

The square footage of the house

The number of bedrooms

The number of bathrooms

The lot size (LTSZ) in acres

Provide summary statistics(with Excel Data Analysis) by calculating the mean and standard deviation on the asking price, square footage, the number of bedrooms, the number of bathrooms, and the lot size. Explain each factor’s mean and standard deviation. What does each of these summary statistics tell us.

Estimate and interprate multiple regression model where the asking price is the response variable and the other four factors are the explanatory variables.