Home / Mathematics / Probability and Statistics /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. 49 Gulf View Condominiums No Gulf View Condominiums List Price Sale Price Days to Sell List Price Sale Price Days to Sell 495.0 475.0 130 217.0 217.0 182 379.0 350.0 71 148.0 135.5 338 529.0 519.0 85 186.5 179.0 122 552.5 534.5 95 239.0 230.0 150 334.9 334.9 119 279.0 267.5 169 550.0 505.0 92 215.0 214.0 58 169.9 165.0 197 279.0 259.0 110 210.0 210.0 56 179.9 176.5 130 975.0 945.0 73 149.9 144.9 149 314.0 314.0 126 235.0 230.0 114 315.0 305.0 88 199.8 192.0 120 885.0 800.0 282 210.0 195.0 61 975.0 975.0 100 226.0 212.0 146 469.0 445.0 56 149.9 146.5 137 329.0 305.0 160.0 160.0 281 365.0 330.0 48 322.0 292.5 63 332.0 312.0 88 187.5 179.0 48 520.0 495.0 161 247.0 227.0 52 425.0 405.0 149 675.0 669.0 142 409.0 400.0 28 649.0 649.0 29 319.0 305.0 140 425.0 410.0 85 359.0 340.0 107 469.0 449.0 72 895.0 875.0 129 439.0 430.0 160 435.0 400.0 206 235.0 227.0 91 638.0 618.0 100 629.0 600.0 97 329.0 309.0 114 595.0 555.0 45 339.0 315.0 150 215.0 200.0 48 395.0 375.0 135 449.0 425.0 53 499.0 465.0 86 439.0 428.5 158

Question 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. 49 Gulf View Condominiums No Gulf View Condominiums List Price Sale Price Days to Sell List Price Sale Price Days to Sell 495.0 475.0 130 217.0 217.0 182 379.0 350.0 71 148.0 135.5 338 529.0 519.0 85 186.5 179.0 122 552.5 534.5 95 239.0 230.0 150 334.9 334.9 119 279.0 267.5 169 550.0 505.0 92 215.0 214.0 58 169.9 165.0 197 279.0 259.0 110 210.0 210.0 56 179.9 176.5 130 975.0 945.0 73 149.9 144.9 149 314.0 314.0 126 235.0 230.0 114 315.0 305.0 88 199.8 192.0 120 885.0 800.0 282 210.0 195.0 61 975.0 975.0 100 226.0 212.0 146 469.0 445.0 56 149.9 146.5 137 329.0 305.0 160.0 160.0 281 365.0 330.0 48 322.0 292.5 63 332.0 312.0 88 187.5 179.0 48 520.0 495.0 161 247.0 227.0 52 425.0 405.0 149 675.0 669.0 142 409.0 400.0 28 649.0 649.0 29 319.0 305.0 140 425.0 410.0 85 359.0 340.0 107 469.0 449.0 72 895.0 875.0 129 439.0 430.0 160 435.0 400.0 206 235.0 227.0 91 638.0 618.0 100 629.0 600.0 97 329.0 309.0 114 595.0 555.0 45 339.0 315.0 150 215.0 200.0 48 395.0 375.0 135 449.0 425.0 53 499.0 465.0 86 439.0 428.5 158

DMCTHY The Asker · Probability and Statistics

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.

Transcribed Image Text: 49 Gulf View Condominiums No Gulf View Condominiums List Price Sale Price Days to Sell List Price Sale Price Days to Sell 495.0 475.0 130 217.0 217.0 182 379.0 350.0 71 148.0 135.5 338 529.0 519.0 85 186.5 179.0 122 552.5 534.5 95 239.0 230.0 150 334.9 334.9 119 279.0 267.5 169 550.0 505.0 92 215.0 214.0 58 169.9 165.0 197 279.0 259.0 110 210.0 210.0 56 179.9 176.5 130 975.0 945.0 73 149.9 144.9 149 314.0 314.0 126 235.0 230.0 114 315.0 305.0 88 199.8 192.0 120 885.0 800.0 282 210.0 195.0 61 975.0 975.0 100 226.0 212.0 146 469.0 445.0 56 149.9 146.5 137 329.0 305.0 160.0 160.0 281 365.0 330.0 48 322.0 292.5 63 332.0 312.0 88 187.5 179.0 48 520.0 495.0 161 247.0 227.0 52 425.0 405.0 149 675.0 669.0 142 409.0 400.0 28 649.0 649.0 29 319.0 305.0 140 425.0 410.0 85 359.0 340.0 107 469.0 449.0 72 895.0 875.0 129 439.0 430.0 160 435.0 400.0 206 235.0 227.0 91 638.0 618.0 100 629.0 600.0 97 329.0 309.0 114 595.0 555.0 45 339.0 315.0 150 215.0 200.0 48 395.0 375.0 135 449.0 425.0 53 499.0 465.0 86 439.0 428.5 158

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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. ...