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Status:Open Asked:Aug 06, 2012 - 07:28 PM

Gulf Real Estate Properties, Inc., is a real estate firm located in southwestern 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 SPSS file Question 1 Gulf .

(a) Use appropriate descriptive statistics to summarize each of the three variables for the 40 Gulf View condominiums (mean, standard deviation, and variance).

(b) Use appropriate descriptive statistics to summarize each of the three variables for the 18 No Gulf View condominiums (mean, standard deviation, and variance).

(c) Compare your summary results. Discuss any specific statistical results that would help a real estate agent understand the condominium market.

(d) 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.

(e) 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.

(f) 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?

(g) 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 and number of days required to sell each of these units?

and hers is the data I have received

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 49 160.0 160.0 281

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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