First National Bank employs three real estate appraisers whose job is to establish a property's market value before the bank offers a mortgage to a prospective buyer. It is imperative that each appraiser values a property with no bias. Suppose First National Bank wishes to check the consistency of the recent values that its appraisers have established. The bank asked the three appraisers to value (in $1,000s) three different types of homes: a cape, a colonial, and a ranch. The results are shown in the accompanying table. (You may find it useful to reference the g table.) Appraiser 1 House Type Сарe Colonial 2 3 429 414 427 530 547 541 Ranch 391 401 377 S Click here for the Excel Data File a-1. Construct an ANOVA table. (Round intermediate calculations to at least 4 decimal places. Round "SS", "MS", "p-value" to 4 decimal places and "P' to 3 decimal places.) ANOVA Source of Variation df MS F p-value Rows Columns Error Total a-2. At the 5% significance level, can you conclude that the average values differ by appraiser? O No , since the p-value associated with appraiser is less than significance level. O Yes , since the p-value associated with appraiser is greater than significance level. O Yes , since the p-value associated with appraiser is less than significance level. O No , since the p-value associated with appraiser is greater than significance level. a-3. Should the bank be concerned with appraiser inconsistencies? O Yes O No
First National Bank employs three real estate appraisers whose job is to establish a property's market value before the bank offers a mortgage to a prospective buyer. It is imperative that each appraiser values a property with no bias. Suppose First National Bank wishes to check the consistency of the recent values that its appraisers have established. The bank asked the three appraisers to value (in $1,000s) three different types of homes: a cape, a colonial, and a ranch. The results are shown in the accompanying table. (You may find it useful to reference the g table.) Appraiser 1 House Type Сарe Colonial 2 3 429 414 427 530 547 541 Ranch 391 401 377 S Click here for the Excel Data File a-1. Construct an ANOVA table. (Round intermediate calculations to at least 4 decimal places. Round "SS", "MS", "p-value" to 4 decimal places and "P' to 3 decimal places.) ANOVA Source of Variation df MS F p-value Rows Columns Error Total a-2. At the 5% significance level, can you conclude that the average values differ by appraiser? O No , since the p-value associated with appraiser is less than significance level. O Yes , since the p-value associated with appraiser is greater than significance level. O Yes , since the p-value associated with appraiser is less than significance level. O No , since the p-value associated with appraiser is greater than significance level. a-3. Should the bank be concerned with appraiser inconsistencies? O Yes O No
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Concept explainers
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
Topic Video
Question
Transcribed Image Text:First National Bank employs three real estate appraisers whose job is to establish a property's market value before the bank offers a
mortgage to a prospective buyer. It is imperative that each appraiser values a property with no bias. Suppose First National Bank
wishes to check the consistency of the recent values that its appraisers have established. The bank asked the three appraisers to
value (in $1,000s) three different types of homes: a cape, a colonial, and a ranch. The results are shown in the accompanying table.
(You may find it useful to reference the g table.)
Appraiser
House Type
1
2
Саре
Colonial
429
414
427
530
547
541
Ranch
391
401
377
A Click here for the Excel Data File
a-1. Construct an ANOVA table. (Round intermediate calculations to at least 4 decimal places. Round "SS', "MS", "p-value" to 4
decimal places and "P' to 3 decimal places.)
ANOVA
Source of Variation
df
MS
p-value
Rows
Columns
Error
Total
a-2. At the 5% significance level, can you conclude that the average values differ by appraiser?
O No , since the p-value associated with appraiser is less than significance level.
O Yes , since the p-value associated with appraiser is greater than significance level.
O Yes , since the p-value associated with appraiser is less than significance level.
O No , since the p-value associated with appraiser is greater than significance level.
a-3. Should the bank be concerned with appraiser inconsistencies?
O Yes
O No
Transcribed Image Text:b. At the 5% significance level, can you conclude that the average values differ by house type?
O Yes , since the p-value associated with house type is less than significance level.
O No , since the p-value associated with house type is greater than significance level.
O No , since the p-value associated with house type is less than significance level.
O Yes , since the p-value associated with house type is greater than significance level.
c. If average values differ by house type, use Tukey's HSD method at the 5% significance level to determine which averages differ. (If
the exact value for n, - cis not found in the table, use the average of corresponding upper & lower studentized range values.
Negative values should be indicated by a minus sign. Round your answers to 2 decimal places.)
Population Mean
Differences
Does the Average
Differ?
Confidence Interval
u1 - p2
u1 - u3
u2 - p3
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 3 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.Recommended textbooks for you
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman