Managerial Report 1. Use appropriate descriptive statistics (5-number summary, mean, mode, range, and standard deviation) and charts to summarize each of the three variables for the 40 Gulf View condominiums. Are there any outliers in the data set for any of the three variables? If there are any outliers in any category, please list them and state for which category they are an outlier. Describe which method you used to determine if there were or not. 2. Use appropriate descriptive statistics (5-number summary, mean, mode, range, and standard deviation) and charts to summarize each of the three variables for the 18 No Gulf View condominiums. Are there any outliers in the data set for any of the three variables? If there are any outliers in any category, please list them and state for which category they are an outlier. Describe which method you used to determine if there were or not. 3. Compare your summary results from parts (1) and (2). Discuss any specific statistical results that would help a real estate agent understand the condominium market. 4. Develop a 95% confidence interval estimate of the population mean sales price and population mean number of days to sell for Gulf View condominiums. Interpret your results. 5. Develop a 95% 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. 6. Assume the branch manager requested estimates of the mean selling price of Gulf View condominiums with a margin of error of $40,000 and the mean selling price of No Gulf View condominiums with a margin of error of $15,000. Using 95% confidence, how large should the sample sizes be? 7. Gulf Real Estate Properties just signed contracts for two new listings: a Gulf View condominium with a list price of $589,000 and a No Gulf View condominium with a list price of $285,000. What is your estimate of the final selling price (based on the percent difference for the sale and list price) and number of days required to sell each of these units?
Managerial Report 1. Use appropriate descriptive statistics (5-number summary, mean, mode, range, and standard deviation) and charts to summarize each of the three variables for the 40 Gulf View condominiums. Are there any outliers in the data set for any of the three variables? If there are any outliers in any category, please list them and state for which category they are an outlier. Describe which method you used to determine if there were or not. 2. Use appropriate descriptive statistics (5-number summary, mean, mode, range, and standard deviation) and charts to summarize each of the three variables for the 18 No Gulf View condominiums. Are there any outliers in the data set for any of the three variables? If there are any outliers in any category, please list them and state for which category they are an outlier. Describe which method you used to determine if there were or not. 3. Compare your summary results from parts (1) and (2). Discuss any specific statistical results that would help a real estate agent understand the condominium market. 4. Develop a 95% confidence interval estimate of the population mean sales price and population mean number of days to sell for Gulf View condominiums. Interpret your results. 5. Develop a 95% 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. 6. Assume the branch manager requested estimates of the mean selling price of Gulf View condominiums with a margin of error of $40,000 and the mean selling price of No Gulf View condominiums with a margin of error of $15,000. Using 95% confidence, how large should the sample sizes be? 7. Gulf Real Estate Properties just signed contracts for two new listings: a Gulf View condominium with a list price of $589,000 and a No Gulf View condominium with a list price of $285,000. What is your estimate of the final selling price (based on the percent difference for the sale and list price) and number of days required to sell each of these units?
MATLAB: An Introduction with Applications
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ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
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Transcribed Image Text:Managerial Report
1. Use appropriate descriptive statistics (5-number summary, mean, mode, range, and standard
deviation) and charts to summarize each of the three variables for the 40 Gulf View
condominiums. Are there any outliers in the data set for any of the three variables? If there are
any outliers in any category, please list them and state for which category they are an outlier.
Describe which method you used to determine if there were or not.
2. Use appropriate descriptive statistics (5-number summary, mean, mode, range, and standard
deviation) and charts to summarize each of the three variables for the 18 No Gulf View
condominiums. Are there any outliers in the data set for any of the three variables? If there are
any outliers in any category, please list them and state for which category they are an outlier.
Describe which method you used to determine if there were or not.
3. Compare your summary results from parts (1) and (2). Discuss any specific statistical results
that would help a real estate agent understand the condominium market.
4. Develop a 95% confidence interval estimate of the population mean sales price and population
mean number of days to sell for Gulf View condominiums. Interpret your results.
5. Develop a 95% 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.
6. Assume the branch manager requested estimates of the mean selling price of Gulf View
condominiums with a margin of error of $40,000 and the mean selling price of No Gulf View
condominiums with a margin of error of $15,000. Using 95% confidence, how large should the
sample sizes be?
7. Gulf Real Estate Properties just signed contracts for two new listings: a Gulf View
condominium with a list price of $589,000 and a No Gulf View condominium with a list price of
$285,000. What is your estimate of the final selling price (based on the percent difference for the
sale and list price) and number of days required to sell each of these units?
Transcribed Image Text:<
A
7:30
Gulf Real Estate Properties
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. The data
are shown in the following table.
Gulf View Condominiums No Gulf View Condominiums
List Price Sale price Days to Sell List Price Sale Price Days to Sell
475
130
217
217
182
148
135.5
338
186.5
179
239
230
239
279
215.
279
179.9
176.5
149.9 144.9
235
***¤¤Ã¶Õ¶¤±¤¤¤¶82880608249
379
552.5
552.5
334.9
550
169.9
975
314
315
975
365
332
675
319
359
469
895
439
435
235
638
629
329
595
339
215
395
449
499
439
350
519
534.5
534.5
334.9
505
165
210
945
314
305
800
975
445
305
330
312
495
405
669
400
649
305
410
340
449
875
430
400
227
618
600
309
555
315
200
375
425
465
428.5
Group4
§ * 5 * * 5 5 5 * * * * §********=;
72
129
160
206
91
100
97
114
45
150
48
135
53
86
158
199.8
210
226
149.9
160
322
187.5
247
230
267.5
214
259
230
192
195
212
146.5
160
292.5
179
227
0
122
150
62 2 اس
*************
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Step 1: Write the given information.
VIEWStep 2: Summarise variable List price for the 40 Gulf View condominiums.
VIEWStep 3: Summarise variable sale price for the 40 Gulf View condominiums.
VIEWStep 4: Summarise variable days to sale for the 40 Gulf View condominiums.
VIEWStep 5: Determine the descriptive statistics for List price for No Gulf View Condominiums using excel.
VIEWStep 6: Determine the descriptive statistics for Sale price for No Gulf View Condominiums using excel.
VIEWStep 7: Determine the descriptive statistics for Days to sell for Gulf View Condominiums using excel.
VIEWStep 8: Compare summary results from part (1) and (2).
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