14th Edition

ISBN: 9780134684840

Author: BERENSON, Mark L., Levine, David M., Szabat, Kathryn A.

Publisher: Pearson,

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A bar graph is a chart or graphical representation of data. A bar chart, also known as a bar graph, is a graph or chart that displays categorical data using rectangular bars with heights or lengths equal to the values they represent. Typically, bar graph…

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Textbook Question

Chapter 2, Problem 55PS

The file NewHomeSales contains the number of new homes sold (in thousands) and the median sales price of new single-family houses sold in the United States recorded at the end of each month from January 2000 through December 2016.

a. Construct a times series plot of new home sales prices.

b. What pattern, if any, is present in the data?

Definition Definition Middle value of a data set. The median divides a data set into two halves, and it also called the 50th percentile. The median is much less affected by outliers and skewed data than the mean. If the number of elements in a dataset is odd, then the middlemost element of the data arranged in ascending or descending order is the median. If the number of elements in the dataset is even, the average of the two central elements of the arranged data is the median of the set. For example, if a dataset has five items—12, 13, 21, 27, 31—the median is the third item in ascending order, or 21. If a dataset has six items—12, 13, 21, 27, 31, 33—the median is the average of the third (21) and fourth (27) items. It is calculated as follows: (21 + 27) / 2 = 24.

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Chapter 2, Problem 54PS

Chapter 2, Problem 56PS

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Solution Summary: The author explains how to draw a time-series plot for the given data set. The median price of homes is increasing from 2000 to 2007 and decreasing from 2007 to 2009, showing downward trend.

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