Assume the branch manager requested estimates of the

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Chapter 9 / Exercise 52
Modern Business Statistics with Microsoft Excel
Anderson/Sweeney
Expert Verified
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 and number of days required to sell each of these units? Descriptive Statistics for the three variables of the 40 Gulf View Condominiums List PriceMean474.0075Standard Error31.19429258Median437Mode975Standard Deviation197.2900291Sample Variance38923.35558Kurtosis1.011328907Skewness1.095814639Range805.1Minimum169.9Maximum975Sum18960.3Count40Confidence Level(95.0%)63.09641236Sale PriceMean454.245Standard Error30.44903812Median417.5Mode305
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Chapter 9 / Exercise 52
Modern Business Statistics with Microsoft Excel
Anderson/Sweeney
Expert Verified
Standard Deviation192.576626Sample Variance37085.7569Kurtosis1.186886588Skewness1.160418211Range810Minimum165Maximum975Sum18169.8Count40Confidence Level(95.0%)61.58899293Days to SellMean106Standard Error8.256077792Median96Mode85Standard Deviation52.21602073Sample Variance2726.512821Kurtosis2.02202587Skewness1.077642123Range254Minimum28Maximum282Sum4240Count40Confidence Level(95.0%)16.69949359Descriptive Statistics for the three variables of the 18 Gulf View Condominiums List PriceMean212.8055556Standard Error11.53651342Median212.5Mode279Standard Deviation48.94528124
Sample Variance2395.640556Kurtosis-0.08523964Skewness0.543955061Range174Minimum148Maximum322Sum3830.5Count18Confidence Level(95.0%)24.33991574Sale PriceMean203.1333333Standard Error10.34029494Median203.5Mode179Standard Deviation43.87015601Sample Variance1924.590588Kurtosis-0.479606451Skewness0.295766488Range156.5Minimum135.5Maximum292Sum3656.4Count18Confidence Level(95.0%)21.81611533Days to SellMean135Standard Error17.98401614Median126Mode#N/AStandard Deviation76.2997186Sample Variance5821.647059Kurtosis2.215301224Skewness1.360546957Range290Minimum48
Maximum338Sum2430Count18Confidence Level(95.0%)37.94295741Summary of the Descriptive StatisticsWhen comparing the averages of the three variables from Gulf View condominiums to the three variables from No Gulf View condominiums you can see that Gulf View condominiums tend to be more expensive yet also sell quicker than No Gulf View condominiums.When comparing the average list price of a Gulf View condominium to the average sales price of a Gulf View condominium you can see that on average they sell