Is there statistical evidence that the average price of houses with one bathroom is different than the average price of houses with more than one bathroom?
Statistics for economics
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Prepare a report that addresses the following:
1. Use numerical descriptive measures to summarize the characteristics of the houses in the data .
2. Use graphical representation to summarise the characteristics of the houses in the data.
3. Define a house as “new” if it has less than 50 years of age, and “old” if it has 50 or more years of age. When you consider the population of houses that this data is selected from, is there evidence that the average number of rooms is statistically different from each other in the “new” and “old” houses?
4. Is there statistical evidence that the average price of houses with one bathroom is different than the average price of houses with more than one bathroom?
5. Estimate a regression model with house selling price as the dependent variable and the age of the house, number of rooms, and number of bathrooms as explanatory variables. Comment on the impact of each of these explanatory variables on house prices.