Gulf Real Estate Properties, Inc., is a real estate firm located in southwest Florida. The company, which advertises itself as "experts 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. Managerial Report Create a managerial report to help a real estate agent understand the condominium market on the Southwest Florida Gulf Coast. Given Data Descriptive Statistics and Prediction Compute the mean, standard deviation, and standard error for list price (in $ thousands), sale price (in $ thousands), and days to sell for the Gulf View Data. (Round your answers to two decimal places.) Gulf View Condominiums Mean Standard deviation Standard error List Price (in $ thousands) 474 Incorrect: Your answer is incorrect. 197.3 Incorrect: Your answer is incorrect. 31.2 Incorrect: Your answer is incorrect. Sale Price (in $ thousands) 446.7 Incorrect: Your answer is incorrect. 176.9 Incorrect: Your answer is incorrect. 28 Incorrect: Your answer is incorrect. Days to Sell 106.00 Correct: Your answer is correct. 52.22 Correct: Your answer is correct. 8.26 Correct: Your answer is correct. Compute the mean, standard deviation, and standard error for list price (in $ thousands), sale price (in $ thousands), and days to sell for the No Gulf View Data. (Round your answers to two decimal places.) No Gulf View Condominiums Mean Standard deviation Standard error List Price (in $ thousands) 212.6 Incorrect: Your answer is incorrect. 49.1 Incorrect: Your answer is incorrect. 11.6 Incorrect: Your answer is incorrect. Sale Price (in $ thousands) 203.2 Incorrect: Your answer is incorrect. 43.9 Incorrect: Your answer is incorrect. 10.3 Incorrect: Your answer is incorrect. Days to Sell 135.0 Correct: Your answer is correct. 76.3 Correct: Your answer is correct. 18.0 Incorrect: Your answer is incorrect. Compare the descriptive statistics of condominiums with and without a gulf view. On average, the ratio of selling price to list price for Gulf View condominiums, to four decimal places, is and the ratio of selling price to list price for No Gulf View condominiums, to four decimal places, is . On average, Gulf View condominiums are more expensive than Correct: Your answer is correct. No Gulf View condominiums. The variation in cost (sale price) for Gulf View condominiums is greater than Correct: Your answer is correct. that for No Gulf View condominiums. On average, Gulf View condominiums are on the market for less Correct: Your answer is correct. time than those with No Gulf View. Therefore, a real estate agent may be able to sell more Gulf View Correct: Your answer is correct. condominiums. 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. Use the relationship between list price and selling price and the mean number of days to sell a condominium to estimate the final selling price and number of days required to sell each of these units. Based on the relationships above, a Gulf View condominium with a list price of $589,000 would sell, to the nearest dollar, for $ and would be on the market, to the nearest whole day, for days. A No Gulf View condominium with a list price of $285,000 would sell, to the nearest dollar, for $ and would be on the market, to the nearest whole day, for days. Confidence Intervals Develop 95% confidence interval estimates of the population mean sales price (to the nearest dollar) and population mean number of days (to the nearest whole day) to sell Gulf View condominiums. Interpret the confidence intervals. (You may need to use the appropriate appendix table or technology to answer this question.) With 95% confidence, we can expect a Gulf View condominium to sell for a value between $ 391.82 Incorrect: Your answer is incorrect. and $ 501.58 Incorrect: Your answer is incorrect. and be on the market between 89.81 Incorrect: Your answer is incorrect. and 122.19 Incorrect: Your answer is incorrect. days. Develop 95% confidence interval estimates of the population mean sales price and population mean number of days to sell No Gulf View condominiums. Interpret the confidence intervals. With 95% confidence, we can expect a No Gulf View condominium to sell for a value between $ 181.47 Incorrect: Your answer is incorrect. and $ 224.93 Incorrect: Your answer is incorrect. and be on the market between 97.02 Correct: Your answer is correct. and 172.98 Correct: Your answer is correct. days. Sample Sizes 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, what is the smallest the sample sizes could be? (Round your answer up to the nearest whole number.) Gulf View condominiums No Gulf View condominiums

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