(2) If she leaves the house on the market for another month, what is the mathematical expression for the probability density function of the sales price? Hint: Write the function as f(x) = something, where x represents sales prices between $400k and $450k. (2) If she leaves it on the market for another month, what is the probability she will get at least $430,000 for the house? (2) If she leaves it on the market for another month, what is the probability she will get less than $420,000?
Equations and Inequations
Equations and inequalities describe the relationship between two mathematical expressions.
Linear Functions
A linear function can just be a constant, or it can be the constant multiplied with the variable like x or y. If the variables are of the form, x2, x1/2 or y2 it is not linear. The exponent over the variables should always be 1.
business executive, transferred from Kelowna to Kamloops, needs to sell her house in Kelowna quickly. The executive’s employer has offered to buy the house for $420,000, but the offer expires at the end of the week. The executive does not currently have a better offer, but can afford to leave the house on the market for another month. From conversations with her realtor, the executive believes the price she will get by leaving the house on the market for another month is uniformly distributed between $400,000 and $450,000.
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(2) If she leaves the house on the market for another month, what is the mathematical expression for the probability density
function of the sales price?Hint: Write the function as f(x) = something, where x represents sales prices between $400k and $450k.
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(2) If she leaves it on the market for another month, what is the probability she will get at least $430,000 for the house?
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(2) If she leaves it on the market for another month, what is the probability she will get less than $420,000?
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(3) Should the executive leave the house on the market for another month? Why or why not?
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