the Gulf Problem
Gulf Real Estate Properties, Inc., is a real estate firm located in southwest Florida. The company, 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. The data from the Multiple Listing Service in Naples, Florida, provided sales data for 40 Gulf View condominiums and a sample data of 18 No Gulf View condominiums in the year 2000. Prices are in thousands of dollars. The data is attached.
- How will you summarize each of the three variables for both Gulf View and No Gulf View condominiums? Assume that the Gulf View data is all inclusive.
- Suppose we decide to take a sample of 20 Gulf View condominiums, how will that compare to the information you have in a).
- Summarize the information for both cases and develop 99% confidence interval estimates for all the parameters. Provide a managerial discussion of these results.
In this forum, you are to discuss what needs to be done and how it should be done. After the discussion, you should analyze the data and develop a report to be submitted.
See the Gulf Data on the attachment
