ECON 316 Business & Economic Statistics I-Assignment

ECON 316 Business & Economic Statistics I-Assignment

Objective of the Study

It is consisted of five boroughs namely Manhattan, Queens, Brooklyn, Staten Island and lastly The Bronx. Every borough is connected with the respective counties of New York State. Queens is enacted with Queens County, Brooklyn is of Kings County, Manhattan is connected to New York County, and Staten Island is connected to Richmond County while The Bronx belongs to Bronx County.

New York is a city of varied neighborhoods; looking only at citywide trends masks considerable difference. What pursues in this report is a more detailed examination of two boroughs of New York i.e. Brooklyn and Manhattan that how different parts of the City vary in their housing value.

The data is presented here in the form of tables and charts as two of the most common type of presenting data is chart representation and tables presenting data. The cons of presenting raw data is that clarity of data is not evident in the raw data and there is often an ambiguity in perceiving the ideas encoded in the raw data and identify correlations that are not self evident. On the basis of the raw data being displayed, it had been somewhat difficult to come up conclusions.

Selection of Variable and the Number of Intervals

Value of owner-occupied units is taken as a variable. There are 8 class intervals within the data.

Reduction of Number of Intervals

The number of intervals is reduced to 4 classes (Table II)

Table II

Value of Houses

Manhattan County Statistics (2005-2007- ACS- American Community Survey) in Four Classes

 

Manhattan

Less than $100,000

7,118

$100,000 to $199,999

4,320

$200,000 to $499,999

36,578

$500,000 or more

124,653

Total

172,669

Brooklyn County Statistics (2005-2007- ACS- American Community Survey) in Four Classes

Value of House

Brooklyn

Less than $100,000

10,800

$100,000 to $199,999

14,832

$200,000 to $499,999

98,436

$500,000 or more

148,664

Total

272,732

Results of Calculations and Comparison of the Two Boroughs

Value of House

Brooklyn

 Percentage

Mid

MX

Less than $100,000

10,800

4%

50000

540000000

$100,000 to $199,999

14,832

5.43%

150000

2224799258

$200,000 to $499,999

98,436

36.09%

349999.5

3.44x10^10

$500,000 or more

148,664

54.50%

549999.5

8.17x10^10

Total

272,732

 

 

1.18x10^11

Average

436068.83

 Value of House

Manhattan

Percentage

Mid

MX

Less than $100,000

7,118

4.12%

50000

355900000

$100,000 to $199,999

4,320

2.50%

149999.95

647999784

$200,000 to $499,999

36,578

21.18%

349999.5

1.28x10*10

$500,000 or more

124,653

72.19%

549999.5

6.86x10*10

Total

172,669

 

 

8.23x10*10

Average

 

 

 

476634.48

The demonstration of data pictorially is an attractive way of presenting the information and pictorial representation present information that is easily understandable. It is very much influential for the audience to conceive the data and statistics in a quick look instead of being perplexed or confused over a record of data. Trends and comparisons are easier for comprehension from the pictorial representation as compared to be calculated from raw data. Conclusions, insights, and recommendations can easily be conveyed through the support of the chart. ...