Business Statistics Final Case Study- 5 page paper: Yoo et al..

Final Case Study Project Yoo et al. (2014) recently studied the impacts of a variety of factors influencing house prices in Prescott, Arizona. Prescott metropolitan area in Central Arizona includes five recreational lakes – Granite Basin Lake, Watson Lake, Willow Creek Reservoir, Lynx Lake and Upper Goldwater Lake. The five lakes in the study area provide a range of benefits – recreational opportunity, scenic beauty, clear water, etc – to the residents of Prescott, and hence easier access to those lakes is expected to increase nearby residential property prices. Higher level of sedimentation in the lake or rivers leads to physical disruption of water quality and creates high levels of turbidity by limiting penetration of sunlight into the water column. Therefore, higher level of sedimentation is expected to decrease nearby residential property values. Using a regression model(s), you will investigate a variety of environmental, structural, and socio-economic factors that affect residential property values using this dataset (Prescott_Parcel.xlsx). Description of variables included in the dataset is shown below: Variable Description Price Land_fcv Age Time Pop_sqml Gr_fl_ar Patio_Floor sedi_per_lake Imp_fcv Residential property sales in dollar (Year: 2003) Land full cash value in dollar (reflection of the market value of your property and consists of land and improvements) The age of property Traveling time to the nearest lake in minute Number of population/mile2 in 2000 (measured on a Census tract level) The area of ground floor (sq) The ratio of patio area to total area (Total area=ground floor area+patio area) Tons of sediment loads/lake acre in the nearest lake from each residential property Improved full cash value.