Gulf Real Estate Properties, Inc., is a real estate firm located
in southwest Florida. The company, which advertises itself as
“expert in the real estate market,” monitors condominium sales by
collecting data on location, list price, sale price, and number of
days it takes to sell each unit. Each condominium is classified
as *Gulf View* if it is located directly on the
Gulf of Mexico or *No Gulf View* if it is located
on the bay or a golf course, near but not on the Gulf. Sample data
from the Multiple Listing Service in Naples, Florida, provided
recent sales data for 40 Gulf View condominiums and 18 No Gulf View
condominiums. Prices are in thousands of dollars.

1. Introduction: Describe the motivation for this research. In other words, why would it be important to analyze this topic of research?

2. Develop an appropriate graph that summarizes the data set and discuss any insights the graph reveals about the data. You may want to report more that one graph to fully describe the data set

- Perform the following calculations:
- 3. Use appropriate descriptive statistics to summarize condominium sales (For both Gulf View and No Gulf View).
- 4. Assume the branch manager requested estimates of the mean selling price of Gulf View condominiums with a margin of error of $35,000 and the mean selling price of No Gulf View condominiums with a margin of error of $10,000. Using 95% confidence, how large should both the sample sizes be? (Assume 𝜎 = 190,000 for gulf view and 𝜎 = 45,000 for no gulf view)
- 5. Develop a 99% confidence interval estimate of the population mean sales price and population mean number of days to sell for No Gulf View condominiums. Interpret your results. Provide a managerial interpretation of the interval estimate.
- 6. Develop a 90% confidence interval estimate of the population mean sales price and population mean number of days to sell for Gulf View condominiums. Provide a managerial interpretation of the interval estimate.
- 7. Summarize your results (from part 3.) and make appropriate suggestions and/or discuss any shortcomings of this research. Discuss any specific statistical results that would help a real estate agent understand the condominium market.

Community Answer

Honor CodeSolved 1 Answer

See More Answers for FREE

Enhance your learning with StudyX

Receive support from our dedicated community users and experts

See up to 20 answers per week for free

Experience reliable customer service

Get Started

Calculate mean, median, standard deviation and range for each of the three variables for the 40 Gulf View condominiums by using Excel add-ins.Instructions:Import data into Excel worksheet.Go to Add-ins \rightarrow Megastat \rightarrow Descriptive stattistics .Choose, mean, standard deviation, median and range, click OK.The resultant output is as shown below:Descriptive statisticsFrom the above output, the mean, median, standard deviation and range for list price, sale price and for days to sell are,Plot the box plot for three variables as shown below:From the above plot, we can conclude that no variable has outliers.2)Calculate mean, median, standard deviation and range for each of the three variables for the 18 Gulf View condominiums by using Excel add-ins.Instructions:Import data into Excel worksheet.Go to Add-ins \rightarrow Megastat \rightarrow Descriptive stattistics.Choose, mean, standard deviation, median and range, click OK.The resultant output is as shown below:From the above output, the mean, median, standard deviation and range for list price, sale price and for days to sell are,Plot the box plot for three variables as shown below:From the above plot, we can conclude that no variable has outliers.4)Calculate 95 \% confidence interval estimate of the population mean sales price and population mean number of days to sell for Gulf View condominiums by using Excel as follows:Instructions:Import data into Excel worksheet.Go to Add-ins \rightarrow Megastat \rightarrow Descriptive stattistics.Choose, mean, standard deviation, 95 \% confidence interval, click \mathrm{OK}.The resultant output is as shown below:The researcher is 95 \% confidence that the population mean sales price and population mean number of days to sell for Gulf View condominiums are (500.051,651.649) and (132.84,181.96) respectively.5)Calculate 95 \% confidence interval estimate of the population mean sales price and population mean number of days to sell for No Gulf View condominiums. by using Excel as follows:Instructions:Import data into Excel worksheet.Go to Add-ins \rightarrow Megastat \rightarrow Descriptive stattistics .Choose, mean, standard deviation, 95 \% confidence interval, click OK.The resultant output is as shown below:The researcher is 95 \% confidence that the population mean sales price and population mean number of days to sell for No Gulf View condominiums are (190.457,234.554) and (129.05,230.06) respectively. ...