Answered: A real estate company recently became…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

See similar textbooks

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	20	150	250
$200,000–$250,000	20	100	280	400
Over $250,000	10	10	30	50
Total	160	170	470	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?

Yes, because P(A ∩ B) = 0.Yes, because P(A | B) < P(A). No, because P(A | B) ≠ P(A).No, because A and B aren't mutually exclusive.

Expert Solution