CaseStudy - Rebecca Hein Case Study Gulf Real Estate...

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Modern Business Statistics with Microsoft Excel
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Chapter 9 / Exercise 52
Modern Business Statistics with Microsoft Excel
Anderson/Sweeney
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Rebecca Hein Case Study 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 of No Gulf View if it is located on the bay or golf course, near by 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. Gulf View Condominiums List Price Sale Price Days to Sell 495.0 475.0 130 379.0 350.0 71 529.0 519.0 85 552.5 534.5 95 334.9 334.9 119 550.0 505.0 92 169.9 165.0 197 210.0 210.0 56 975.0 945.9 73 314.0 314.0 126 315.0 305.0 88 885.0 800.0 282 975.0 975.0 100 469.0 445.0 56 329.0 305.0 49 365.0 330.0 48 332.0 312.0 88 520.0 495.0 161 425.0 405.0 149 675.0 669.0 142 409.0 400.0 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
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Modern Business Statistics with Microsoft Excel
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Chapter 9 / Exercise 52
Modern Business Statistics with Microsoft Excel
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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 No Gulf View Condominiums List Price Sale Price Days to Sell 217.0 217.0 182 148.0 135.5 338 186.5 179.0 122 239.0 230.0 150 279.0 267.5 169 215.0 214.0 58 279.0 259.0 110 179.9 176.5 130 149.9 144.9 149 235.0 230.0 114 199.8 192.0 120 210.0 195.0 61 226.0 212.0 146 149.9 146.0 137 160.0 160.0 281 322.0 292.0 63 187.5 179.0 48 247.0 227.0 52 Managerial Report 1. Use appropriate descriptive statistics to summarize each of the three variables for the 40 Gulf View condominiums. 2. Use appropriate descriptive statistics so summarize each of the three variables for the 18 No Gulf View condominiums. 3. Compare your summary results. 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 see 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?

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