Sample and Statistical Inference MTH 410 - 5

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Mathematics

Description

Gulf Real Estate Properties, Inc. is a real estate firm located in southwest Florida. The company, which advertises itself as an “expert in the real estate market,” monitors condominium sales by collecting data on location, list price, sale price, and the 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 sales data for 40 Gulf View condominiums and 18 No Gulf View condominiums. The complete data set is in the file named Real Estate, linked at the bottom of the page.

Managerial Report
Prepare a report (see below) that summarizes your assessment of the nature of the housing market in southwest Florida. Be sure to include the following seven (7) items in your report.

  1. Descriptive statistics (mean, median, range, and standard deviation) 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 make your determination.
  2. Descriptive statistics (mean, median, range, and standard deviation) 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 make your determination.
  3. Compare your summary results from #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 for each?
  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?

Write a report that adheres to the Written Assignment Requirements under the heading “Expectations for CSU-Global Written Assignments” found in the CSU-Global Guide to Writing and APA Requirements. As with all written assignments at CSU-Global, you should have in-text citations and a reference page. An example paper is provided in the MTH410 Guide to Writing with Statistics, linked at the bottom of the page.

Your report must contain the following:

  • A title page in APA style.
  • An introduction that summarizes the problem.
  • The body of the paper should answer the questions posed in the problem by communicating the results of your analysis. Include results of calculations, as well as charts and graphs, where appropriate.
  • A conclusion paragraph that addresses your findings and what you have determined from the data and your analysis.

Submit your Excel file in addition to your report.

Unformatted Attachment Preview

Gulf View Condominiums List Price Sale Price Days to Sell 613 602 40 807 790,1 176 906 876,1 121 962 935,1 22 332 307,1 249 375 360,4 186 545 506,9 35 554 537,4 24 943 910 146 909 889,9 82 861 799 287 498 491 250 725 698,9 109 351 348,5 268 639 606,4 31 506 478,7 172 652 639,6 194 962 907,2 49 267 265,7 249 413 387,8 204 707 687,9 185 249 230,6 253 742 727,2 83 639 598,1 105 911 902,8 156 468 432,9 93 863 809,5 229 931 919,8 45 264 249 169 451 450,5 276 200 189 298 648 648 222 825 792 281 709 655,8 62 485 480,2 25 517 493,7 129 911 885,5 67 466 455,3 73 547 514,2 102 807 803,8 119 No Gulf View Condominiums List Price Sale Price Days to Sell 242 234 395 131 126,4 154 205 193,9 137 147 139,1 367 180 167,6 115 216 205,4 215 284 263,6 347 176 163 230 225 221,4 306 185 171,5 205 268 260,8 353 221 214,8 366 196 181,5 356 252 248 167 281 274 169 152 151,8 52 169 168 246 194 192,4 215
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