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ECON380: Business Statistics

Assignment 1

Note : You should submit an excel file and a word file .

· Excel : perform the calculations

· Word file : contains a summary of the results (in a table ) and your comments

Real estate prices, or generally the real estate market is a major economic concern for several countries, this is largely because real estate prices are connected to several other economic indicators, most importantly an individual’s well-being and security.

Below are hypothetical data for a country x.(numbers are in millions KWD)

Date	total sales (y)
1997	1,547.0
1998	1,583.0
1999	1,239.0
2000	1,099.0
2001	1,405.0
2002	2,286.0
2003	2,828.0
2004	2,715.9
2005	2,227.8
2006	2,731.9
2007	4,448.1
2008	2,789.7
2009	1,896.4
2010	2,303.2
2011	2,896.2
2012	3,349.5
2013	3,984.2
2014	4,860.5
2015	3,436.7

1. Find the population mean and standard deviation

2. Find the probability of having total real estate sales less than 2,000

3. Find the probability of having total real estate sales less than 4,000

4. Find the probability of having total real estate sales between 3000 and 3500

5. Comment on your findings

Excel functions

Population standard deviation

=STDEV.P(range_of_values)

Sample standard deviation

=STDEV.S(range_of_values) =STDEV(range_of_values)

normal distribution:

=NORM.DIST(x, mean, standard_dev ,cumulative) =NORMDIST(x, mean, standard_dev, cumulative)

NORM.DIST gives the probability that a number falls at or below a given value of a normal distribution.

· x -- The value you want to test.  

· mean -- The average value of the distribution.  

· standard_dev -- The standard deviation of the distribution.  

· cumulative -- If FALSE or zero, returns the probability that x will occur; if TRUE or non-zero, returns the probability that the value will be less than or equal to x

Note : use True for this example