Answered: A real estate company recently became…

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section10.6: Summarizing Categorical Data

Problem 10CYU

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Question

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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