Managerial Report1. Use appropriate descriptive statistics (5-number summary,mean, mode, range, and standard deviation) and charts tosummarize each of the three variables for the 18 No Gulf Viewcondominiums. Are there any outliers in the data set for any ofthe three variables? If there are any outliers in any category,please list them and state for which category they are anoutlier. Describe which method you used to determine if therewere or not.2. Compare your summary results from parts (1) and (2).Discuss any specific statistical results that would help a realestate agent understand the condominium market.3. Develop a 95% confidence interval estimate of the populationmean sales price and population mean number of days to sell forGulf View condominiums. Interpret your results.4. Develop a 95% confidence interval estimate of the populationmean sales price and population mean number of days to sell forNo Gulf View condominiums. Interpret your results.5. Assume the branch manager requested estimates of the meanselling price of Gulf View condominiums with a margin oferror of $40,000 and the mean selling price of No Gulf Viewcondominiums with a margin of error of $15,000. Using 95%confidence, how large should the sample sizes be?6. Gulf Real Estate Properties just signed contracts for two newlistings: a Gulf View condominium with a list price of $589,000and a No Gulf View condominium with a list price of$285,000. What is your estimate of the final selling price (basedon the percent difference for the sale and list price) and numberof days required to sell each of these units? Gulf Real Estate Properties, Inc., is a real estate firm located insouthwest Florida. The company, which advertises itself as"expert in the real estate market," monitors condominium salesby collecting data on location, list price, sale price, and numberof days it takes to sell each unit.Each condominium is classified as Gulf View if it is locateddirectly on the Gulf of Mexico or No Gulf View if it is located onthe bay or a golf course, near but not on the Gulf. Sample datafrom the Multiple Listing Service in Naples, Florida, providedrecent sales data for 40 Gulf View condominiums and 18 NoGulf View condominiums. Prices are in thousands of dollars.The data are shown in the following table.Gulf View Condominiums No Gulf View CondominiumsList Price Sale price Days to Sell List Price Sale Price Days to Sell49547513021721718237935071148135.533852951985186.512295239150552.5 534.5552.5 534.5 95334.9334.9505165×Ô¶5±2259828846§§A**_¶****888*A*****0210945314305800975445305330312495493405669400649305410340449 72875430400227618600309555315200375425465428.5129160206911009711445150481355386158Esbærdæk³ × • * * itinatub11992197567312688282100564948881611611491422829Gulf Real EstateProperties14085107239279213215279$12179.9149.9235199.8210226149.9160160322187.5247179230230267.5214259176.5144.9230192195212146.5160292.517922715016958110**********1304852Managerial Report1. Use appropriate descriptive statistics (5-number summary,mean, mode, range, and standard deviation) and charts tosummarize each of the three variables for the 18 No Gulf Viewcondominiums Are there any outliers in the data set for any of

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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 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. 2. 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. 3. 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. 4. 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. 5. 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? 6. 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?

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P