Case Problem 2 Gulf Real Estate Properties Gulf Real Estate Properties, Inc., is a real estate firm located in southwest Florida. The com- pany, 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 Table 8.7. 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?Case Problem 3 Metropolitan Research, Inc. 381 TABLE 8.7 SALES DATA FOR GULF REAL ESTATE PROPERTIES Gulf View Condominiums No Gulf View Condominiums List Price Sale Price Days to Sell List Price Sale Price Days to Sell 495.0 475.0 130 379.0 217.0 350.0 217.0 182 71 529.0 148.0 519.0 135.5 338 85 552.5 186.5 179.0 534.5 122 95 334.9 239.0 230.0 334.9 150 119 279.0 550.0 267.5 169 505.0 92 215.0 169.9 214.0 165.0 58 197 279.0 210.0 210.0 259.0 110 56 179.9 176.5 130 975.0 945.0 73 149.9 144.9 149 314.0 314.0 DATA file 126 235.0 230.0 114 315.0 305.0 88 199.8 192.0 120 GulfProp 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 18 322.0 292.5 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 of automobiles produced by a major Detroit manufacturer. A questionnaire sent to own- ers of one of the manufacturer's full-sized cars revealed several complaints about early transmission problems. To learn more about the transmission failures, Metropolitan used a sample of actual transmission repairs provided by a transmission repair firm in the Detroit area. The following data show the actual number of miles driven for 50 vehicles at the time of transmission failure