Chapter 8 Interval Estimation Managerial Report 1. Use appropriate descriptive statistics to summarize each of the...

  

Transcribed Image Text:

Chapter 8 Interval Estimation 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 to 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 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? 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? Metropolitan Research, Inc. etropolitan Research, Inc., a consumer research organization, conducts surveys designed evaluate a wide variety of products and services available to consumers. In one particular idy, Metropolitan looked at consumer satisfaction with the performance of automobiles oduced by a major Detroit manufacturer. A questionnaire sent to owners of one of the anufacturer's full-sized cars revealed several complaints about early transmission prob- ns. To learn more about the transmission failures, Metropolitan used a sample of actual nsmission repairs provided by a transmission repair firm in the Detroit area. The follow- gdata show the actual number of miles driven for 50 vehicles at the time of transmission lure. ,092 32,609 59,465 77,437 32,534 64,090 32,464 59,902 Estate Properties TABLE 8.7 SALES DATA FOR GULF REAL ESTATE PROPERTIES Goff View Condominiums No Gulf View Condominiums 377 List Price Sale Price 495.0 475.0 Days to Sell 379.0 130 List Price 350.0 Sale Price 529.0 71 217.0 Days to Sell 519.0 217.0 552.5 85 148.0 182 534.5 135.5 334.9 95 186.5 338 334.9 179.0 119 239.0 122 550.0 505.0 230.0 92 279.0 150 169.9 165.0 267.5 197 215.0 169 214.0 210.0 210.0 58 56 279.0 259.0 975.0 110 945.0 73 179.9 176.5 130 314.0 314.0 126 149.9 144.9 149 file 315.0 305.0 235.0 88 230.0 114 885.0 800.0 199.8 282 192.0 120 975.0 975.0 210.0 GuProp 100 195.0 61 469.0 445.0 226.0 212.0 146 56 149.9 329.0 305.0 146.5 137 49 160.0 365.0 330.0 160.0 281 48 322.0 292.5 332.0 312.0 63 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 97 629.0 600.0 114 329.0 309.0 45 595.0 555.0 150 339.0 315.0 48 215.0 200.0 135 395.0 375.0 53 449.0 425.0 86 499.0 465.0 158 439.0 428.5 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 condo- miniums. Prices are in thousands of dollars. The data are shown in Table 8.7. * in the Naples MLS (Coldwell Banker, June 2000). Chapter 8 Interval Estimation 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 to 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 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? 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? Metropolitan Research, Inc. etropolitan Research, Inc., a consumer research organization, conducts surveys designed evaluate a wide variety of products and services available to consumers. In one particular idy, Metropolitan looked at consumer satisfaction with the performance of automobiles oduced by a major Detroit manufacturer. A questionnaire sent to owners of one of the anufacturer's full-sized cars revealed several complaints about early transmission prob- ns. To learn more about the transmission failures, Metropolitan used a sample of actual nsmission repairs provided by a transmission repair firm in the Detroit area. The follow- gdata show the actual number of miles driven for 50 vehicles at the time of transmission lure. ,092 32,609 59,465 77,437 32,534 64,090 32,464 59,902 Estate Properties TABLE 8.7 SALES DATA FOR GULF REAL ESTATE PROPERTIES Goff View Condominiums No Gulf View Condominiums 377 List Price Sale Price 495.0 475.0 Days to Sell 379.0 130 List Price 350.0 Sale Price 529.0 71 217.0 Days to Sell 519.0 217.0 552.5 85 148.0 182 534.5 135.5 334.9 95 186.5 338 334.9 179.0 119 239.0 122 550.0 505.0 230.0 92 279.0 150 169.9 165.0 267.5 197 215.0 169 214.0 210.0 210.0 58 56 279.0 259.0 975.0 110 945.0 73 179.9 176.5 130 314.0 314.0 126 149.9 144.9 149 file 315.0 305.0 235.0 88 230.0 114 885.0 800.0 199.8 282 192.0 120 975.0 975.0 210.0 GuProp 100 195.0 61 469.0 445.0 226.0 212.0 146 56 149.9 329.0 305.0 146.5 137 49 160.0 365.0 330.0 160.0 281 48 322.0 292.5 332.0 312.0 63 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 97 629.0 600.0 114 329.0 309.0 45 595.0 555.0 150 339.0 315.0 48 215.0 200.0 135 395.0 375.0 53 449.0 425.0 86 499.0 465.0 158 439.0 428.5 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 condo- miniums. Prices are in thousands of dollars. The data are shown in Table 8.7. * in the Naples MLS (Coldwell Banker, June 2000).