How much more would you expect to pay for a home that has four bedrooms than for a home that has three bedrooms? Here are some data for West Lafayette, Indiana. These are the selling prices (in dollars) that the owners of the homes are asking:
Table 1:
Four- Bedroom
Houses
To determine how much more you would expect to pay for a home with four bedrooms compared to a home with three bedrooms, you need to analyze the data provided. Specifically, you need to compare the selling prices of four-bedroom houses and three-bedroom houses in West Lafayette, Indiana.
Unfortunately, the data for three-bedroom houses is missing, so it is not possible to provide a specific answer. To calculate the expected price difference, you would need the selling prices for both four-bedroom and three-bedroom houses.
If you have access to additional data containing the selling prices of three-bedroom houses, you can subtract the average price of three-bedroom homes from the average price of four-bedroom homes to determine the price difference. This will give you an estimate of how much more you would expect to pay for a home with four bedrooms.
Alternatively, if there is a pattern or trend in the available data for four-bedroom houses, you may be able to estimate the price difference based on that information. For example, if the data shows that four-bedroom houses are consistently listed at 10% higher prices compared to three-bedroom houses in the area, you could use this percentage to estimate the price difference.
In summary, without the data for three-bedroom houses, it is not possible to provide a specific answer to how much more you would expect to pay for a home with four bedrooms. To get a more accurate estimate, you would need to obtain additional data on the selling prices of three-bedroom houses in the same area.