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?
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
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.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.Recommended textbooks for you
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman