A real estate company recently became interested in determining the likelihood of one of their listings being sold within a certain number of days. An analysis of company sales of 800 homes in previous years produced the following data. Days Listed Until Sold Total Under 30 31–90 Over 90 Initial Asking Price Under $150,000 50 40 10 100 $150,000–$199,999 80 150 20 250 $200,000–$250,000 100 280 20 400 Over $250,000 30 10 10 50 Total 260 480 60 800 (a) If A is defined as the event that a home is listed for more than 90 days before being sold, estimate the probability of A. (b) If B is defined as the event that the initial asking price is under $150,000, estimate the probability of B. (c) What is the probability of A ∩ B?
A real estate company recently became interested in determining the likelihood of one of their listings being sold within a certain number of days. An analysis of company sales of 800 homes in previous years produced the following data. Days Listed Until Sold Total Under 30 31–90 Over 90 Initial Asking Price Under $150,000 50 40 10 100 $150,000–$199,999 80 150 20 250 $200,000–$250,000 100 280 20 400 Over $250,000 30 10 10 50 Total 260 480 60 800 (a) If A is defined as the event that a home is listed for more than 90 days before being sold, estimate the probability of A. (b) If B is defined as the event that the initial asking price is under $150,000, estimate the probability of B. (c) What is the probability of A ∩ B?
Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter11: Data Analysis And Probability
Section11.1: Stem-and-leaf Plots And Histograms
Problem 10E
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A real estate company recently became interested in determining the likelihood of one of their listings being sold within a certain number of days. An analysis of company sales of 800 homes in previous years produced the following data.
| Days Listed Until Sold | Total | ||||
|---|---|---|---|---|---|
| Under 30 | 31–90 | Over 90 | |||
| Initial Asking Price |
Under $150,000 | 50 | 40 | 10 | 100 |
| $150,000–$199,999 | 80 | 150 | 20 | 250 | |
| $200,000–$250,000 | 100 | 280 | 20 | 400 | |
| Over $250,000 | 30 | 10 | 10 | 50 | |
| Total | 260 | 480 | 60 | 800 |
(a)
If A is defined as the event that a home is listed for more than 90 days before being sold, estimate the probability of A.
(b)
If B is defined as the event that the initial asking price is under $150,000, estimate the probability of B.
(c)
What is the probability of
A ∩ B?
(d)
Assuming that a contract was just signed to list a home with an initial asking price of less than $150,000, what is the probability that the home will take the company more than 90 days to sell?
(e)
Are events A and B independent?
No, because P(A | B) ≠ P(A).No, because A and B aren't mutually exclusive. Yes, because P(A | B) < P(A).Yes, because P(A ∩ B) = 0.
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