Let X represent the number of homes a real estate agent sells during a given month. Based on previous sales records, she estimates that P(0) = 0.62, P(1) = 0.24, P(2)=0.08, P(3)=0.04, P(4)=0.02, with negligible probability for higher values of x. a. Explain why it does not make sense to compute the mean of this probability distribution as (0+1+2+3+4)/5 = 2.0. b. Find the correct mean and interpret. a. Choose the reason why the mean is not the simple average of the possible values. A. The mean should be computed by averaging the probabilities, not the possible values. B. The probabilities of each possible value are not all the same. OC. There are not enough possible values of x to compute the mean. OD. The possible value of 0 skews the mean when computed in this fashion. ... b. Select the correct choice below and fill in the answer box to complete your choice. (Type an integer or a decimal. Do not round.) A. The real estate agent will sell home(s) this month. OB. The long-term average number of homes the real estate agent expects to sell each month is
Let X represent the number of homes a real estate agent sells during a given month. Based on previous sales records, she estimates that P(0) = 0.62, P(1) = 0.24, P(2)=0.08, P(3)=0.04, P(4)=0.02, with negligible probability for higher values of x. a. Explain why it does not make sense to compute the mean of this probability distribution as (0+1+2+3+4)/5 = 2.0. b. Find the correct mean and interpret. a. Choose the reason why the mean is not the simple average of the possible values. A. The mean should be computed by averaging the probabilities, not the possible values. B. The probabilities of each possible value are not all the same. OC. There are not enough possible values of x to compute the mean. OD. The possible value of 0 skews the mean when computed in this fashion. ... b. Select the correct choice below and fill in the answer box to complete your choice. (Type an integer or a decimal. Do not round.) A. The real estate agent will sell home(s) this month. OB. The long-term average number of homes the real estate agent expects to sell each month is
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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Let \( X \) represent the number of homes a real estate agent sells during a given month. Based on previous sales records, she estimates the following probabilities:
- \( P(0) = 0.62 \)
- \( P(1) = 0.24 \)
- \( P(2) = 0.08 \)
- \( P(3) = 0.04 \)
- \( P(4) = 0.02 \)
with negligible probability for higher values of \( x \).
**a.** Explain why it does not make sense to compute the mean of this probability distribution as \( (0 + 1 + 2 + 3 + 4) / 5 = 2.0 \).
**b.** Find the correct mean and interpret.
**a.** Choose the reason why the mean is not the simple average of the possible values.
- \( \circ \) A. The mean should be computed by averaging the probabilities, not the possible values.
- \( \checkmark \) B. The probabilities of each possible value are not all the same.
- \( \circ \) C. There are not enough possible values of \( x \) to compute the mean.
- \( \circ \) D. The possible value of 0 skews the mean when computed in this fashion.
**b.** Select the correct choice below and fill in the answer box to complete your choice. (Type an integer or a decimal. Do not round.)
- \( \circ \) A. The real estate agent will sell \(\_\_\_\) home(s) this month.
- \( \circ \) B. The long-term average number of homes the real estate agent expects to sell each month is \(\_\_\_\).
---
This exercise explains the concept of weighted averages in probability distributions, emphasizing that means must consider varied probabilities rather than equal weighting of values.
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