Find the expected price and the most probable price highest /best use price Value Distribution of Overall Probability $130 Probability $100 3% 2% Use $110 $120 $140 Home 20 15% 2% 7-Eleven 10 3% 4% 1% Gas Station Domino's 10 3% 2% 1% 15% 4% 60 20% 10% 15%

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
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Question

1. Find the expected price

2. Find the most probable price

3. Find Highest/best use price

Find the expected price and the most probable price highest/best
use price
Value Distribution of Overall Probability
$120
Probability
$100
3%
2%
Use
$110
$130
$140
Home
20
15%
2%
7-Eleven
10
3%
4%
1%
Gas Station
10
3%
2%
1%
4%
Domino's
60
20%
10%
15%
15%
Transcribed Image Text:Find the expected price and the most probable price highest/best use price Value Distribution of Overall Probability $120 Probability $100 3% 2% Use $110 $130 $140 Home 20 15% 2% 7-Eleven 10 3% 4% 1% Gas Station 10 3% 2% 1% 4% Domino's 60 20% 10% 15% 15%
Expert Solution
Step 1
Use Probability $100 %110 $120 $130 $140
Home 20 3% 15% 2%    
7-eleven 10 2% 3% 4% 1%  
Gas station 10   3% 2% 1% 4%
Domino's 60   20% 10% 15% 15%
Total 100 5% 41% 18% 17% 19%
      Highest probability      

 

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