Critical Thinking Essay

Submitted By vichic
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Descriptive Statistics for 40 condominiums Gulf View:
| List Price ($1000s) | Sale Price ($1000s) | Days to Sell |
Mean | 474.0075 | 454.2225 | 106 |
Median | 437 | 417.5 | 96 |
Mode | 975 | 305 | 85 |
Standard Deviation | 197.2900291 | 192.5177534 | 52.21602073 |
Min | 169.9 | 165 | 28 |
Max | 975 | 975 | 282 |
Range | 805.1 | 810 | 254 |
Skewness | 1.095814639 | 1.159387914 | 1.077642123 |

Descriptive Statistics for 18 condominiums No Gulf View:

| List Price ($1000s) | Sale Price ($1000s) | Days to Sell |
Mean | 212.8055556 | 203.1888889 | 135 |
Median | 212.5 | 203.5 | 126 |
Mode | 279 | 179 | #N/A |
Standard Deviation | 48.94528124 | 43.89172358 | 76.2997186 |
Min | 148 | 135.5 | 48 |
Max | 322 | 292.5 | 338 |
Range | 174 | 157 | 290 |
Skewness | 0.543955061 | 0.30418061 | 1.360546957 |
| | | |

From the information above we see the average list price per condo at the Gulf View is 474.0075 (thousands), a double price to compare with the average list price of selling a condo at No Gulf View at 212.5. Although average sale price is slightly less than average list price for 20 per condo, we see a similarity of average sale price of condo at the Gulf is twice the price to sell for one in the bay.

Typically, it takes 106 days to sell a condo at Gulf View, a faster speed compare to 135 days to sell a No Gulf View condo. The median list price for Gulf View condo is 437 compare to 212.5 with list price of No Gulf View. The median sell price at the Gulf is 417.5, and the price at the bay, is 203.5. Comparing median days to sell a Gulf View condo and No Gulf View, we see a similarity of quicker time to sell at 96 days vs. 126 days. The Mode list price at Gulf View is 975 while the mode for sale price is 305, and the mode for days to sell is 85. The most frequent value list price at Bay condo is 279, and the mode for sale price is 179. There is no Mode for days to sell at No Gulf View condo.

The Gulf View condo has a higher Standard Deviation (SD) sale price at 192.5177534 compare with No Gulf View Standard Deviation sale price at 43.89172358, which mean the selling Gulf View condo are more consistently than No Gulf View one. The Gulf View condo also has a larger range at 805.1 at list price; 810 at sale price, and 254 days to sale compare with 174 at list price, 157 at sale price, 290 days to sell with No Gulf View. The data from Gulf View condos are more variables for its large range and Standard Deviation.

With positive skew points: 1.15, and .304. We observe that both Sale Prices of condo skew left, which depict a surge in sale prices on these condominiums. Thus, we could see the market of Gulf View Condos is in high demand as its price higher than No Gulf View Condos, and it takes shorter time to sell them.

Based on the given sample mean data, this part of paper would estimate values of the population parameter of a sale price and number of days to sell at Gulf View condominium by using 95% interval estimation. Since we do not know the population standard deviation, sigma, we use the sample standard deviation, s, and the t-distribution.
Mean sale price for Gulf View

Sample mean± 1.96 (SD/sqrt(n))
=454222.5±1.96 (192517.7534/ sqrt (40))
= 454222.5± 59661.8699
=($394,560.63,$513,884.36)
Mean number of days to sell for Gulf View
Sample mean± 1.96 (SD/sqrt(n))
=106±1.96(SD/sqrt(40)
=106± 16.18191247
=(89.82,122.18)

The customer can expect an average price of Gulf View condo at $454,222.50 and it takes 106 days to sell it. We are 95 % sure that the
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