Statistics Assignment Help-A Case Study on London Real Estate Properties
Case Study Questions: answer ALL of the following questions to help the manager preparing his report.
- Is the mean of sales price for all condominiums different than $390000? Use a 0.05 level of significance.
- Develop a 95% confidence interval estimate of the population mean sales price for all condominiums. Interpret your results.
- Is there any significant difference of the mean of sales price between water view and semi-water view? Use a 0.05 level of significance
- Develop a 95% confidence interval estimate of the population mean sales price difference for water view and semi-water view.
- Explain how your conclusion in part 3 can be derived from part 4.
- Is there any significant difference of the mean of sales price due to water view classification? Use a 0.05 level of significance.
- Assume the branch manager requested estimates of the mean selling price of water view condominiums with a margin of error of $40,000 and the mean selling price of No water view condominiums with a margin of error of $15,000. Using 95% confidence, how large should the sample sizes be?
- Is there a difference between the proportion of water view and no water view condominiums? Use a 0.05 level of significance.
Case Study: London Real Estate Properties
London Real Estate Properties, Inc., is a real estate firm located in London. The company, which advertises itself as “expert in the real estate market,” monitors condominium sales by collecting data on location, list price and sale price. Each condominium is classified as a water view if it is located directly on the Thames river, a semi-water view if it is not located directly on Thames river, but water can still be seen from the condominium and no water view if it is not located directly on the Thames river and water cannot be seen from the condominium. Sample data from the Multiple Listing Service in London provided sales data for 25 water view condominiums, 15 semi-water view condominiums and 18 no water view condominiums. prices are in thousands of dollars.
As you are a new employee of London Real Estate Properties, you have been asked to help analyze this data.
You should consider the following instructions when answering the case study question and preparing your report:
- For confidence intervals:
- Check all assumptions.
- Interpret the results.
- For testing hypothesis:
- State the null and alternative hypotheses.
- Check the necessary assumptions.
- Report the P-value and the test statistic.
- Make a conclusion statement in the words of the original problem.
- For the report
- Should be typed.
- On the first page, write the names, student numbers, and section number.
- All pages must be stapled together.
- Show all of your work.
- The report should have the following item
- Title
- Table of Contents
- Executive Summary
- Introduction
- Main text
- Conclusions
- Recommendations
