# Tow statistics problems

**Question description**

## Tow statistics problems

__Practical Management Science book.__

__Chapter 2, Introduction to Spreadsheet Modeling, Page 64, Problem #21.__

You are thinking of opening a Broadway play, I love you, you’re Mediocre, Now Get Better! It will cost $5 million” 5000000” to develop the show. There are 8 shows per week, and you project the show will run for 100 weeks. It costs $1000 to open the theater each night. Tickets sell for $ 50.00 and you earn an average of $1.50 profit per ticket holder form concessions. The theater holds 800 and you expect 80% of the seats to be full.

A. Giving your other assumption, how many weeks will the play have to run for you to earn 100% return on the plays development cost?

B. Giving you other assumption, how does an increase in the percentage of the seats full affect profit?

C. Giving you other assumption, determine how a joint change in the average ticket price and number of weeks the ply run influence the profit?

D. Use Excel’s Formula auditing tool to show which cells in the spreadsheet are directly affected by the percentage of seats full?

__Data Analysis and Decision Making book.__

__Chapter10, Regression Analysis: Estimation Relationships, Page 597, Case 10.2 Housing Price Structure in Mid City.__

Sales of single-family houses have been brisk in Mid City this year. This has especially been true in older, more established neighborhoods, where housing is relatively inexpensive compared to the new homes being built in the newer neighborhoods. Nevertheless, there are also many families who are willing to pay a higher price for the prestige of living in one of the newer neighborhoods. The file uploaded Mid+City 2.xlsx for the second problem MidCity.xlsx contains data on 128 recent sales in Mid City. For each sale, the file shows the neighborhood (1, 2, or 3) in which the house is located, the number of offers made on the house, the square footage, whether the house is made primarily of brick, the number of bathrooms, the number of bedrooms, and the selling price. Neighborhoods 1 and 2 are more traditional neighborhoods, whereas neighborhood 3 is a newer, more prestigious neighborhood.

Use regression to estimate and interpret the pricing structure of houses in Mid City. Here are some considerations.

A. Do buyers pay a premium for a brick house, all else being equal?

B. Is there a premium for a house in neighborhood 3, all else being equal?

C. Is there an extra premium for a brick house in neighborhood 3, in addition to the usual premium for a brick house?

D. For purposes of estimation and prediction, could neighborhoods 1 and 2 be collapsed into a single "older" neighborhood?

All tow problems needs to be solved on Excel Sheet with explanation for the answers in word doc. the data for second problem is attached.

Mid+City 2.xlsx## Tutor Answer

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