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(a) If she leaves the house on the market for another month, what is the mathematical expression for the probability density function of the sales price? Let x = sales price. $200,000 s x S $220,000 f(x) = elsewhere (b) If she leaves it on the market for another month, what is the probability she will get at least $215,000 for the house? (c) If she leaves it on the market for another month, what is the probability she will get less than $205,000?

(a) If she leaves the house on the market for another month, what is the mathematical expression for the probability density function of the sales price? Let x = sales price. $200,000 s x S $220,000 f(x) = elsewhere (b) If she leaves it on the market for another month, what is the probability she will get at least $215,000 for the house? (c) If she leaves it on the market for another month, what is the probability she will get less than $205,000?

MATLAB: An Introduction with Applications
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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A business executive, transferred from Chicago to Atlanta, needs to sell her house in Chicago quickly. The executive's employer has offered to buy the house for $205,000, but the offer expires at the end of the week. The executive does not currently have a better offer but can afford to leave the house on the market for another month. From conversations with her realtor, the executive believes the price she willl get by leaving the house on the market for another month is uniformly distributed between $200,000 and $220,000. (a) If she leaves the house on the market for another month, what is the mathematical expression for the probability density function of the sales price? Let x = sales price. $200,000 s xS $220,000 f(x) = elsewhere (b) If she leaves it on the market for another month, what is the probability she will get at least $215,000 for the house? (c) If she leaves it on the market for another month, what is the probability she will get less than $205,000? (d) Should the executive leave the house on the market for another month? Why or why not? If the executive leaves the house on the market for another month, the expected sales price in dollars will be $ house is sold back to the company for $205,000. However, if the house is left on the market for another month, there is a will get less than the company offer of $205,000. It is a close call. But the expected value suggests the executive -Select--- v leave the house on the market another This is a --Select--- v price than if the probability that the executive month.
Transcribed Image Text:A business executive, transferred from Chicago to Atlanta, needs to sell her house in Chicago quickly. The executive's employer has offered to buy the house for $205,000, but the offer expires at the end of the week. The executive does not currently have a better offer but can afford to leave the house on the market for another month. From conversations with her realtor, the executive believes the price she willl get by leaving the house on the market for another month is uniformly distributed between $200,000 and $220,000. (a) If she leaves the house on the market for another month, what is the mathematical expression for the probability density function of the sales price? Let x = sales price. $200,000 s xS $220,000 f(x) = elsewhere (b) If she leaves it on the market for another month, what is the probability she will get at least $215,000 for the house? (c) If she leaves it on the market for another month, what is the probability she will get less than $205,000? (d) Should the executive leave the house on the market for another month? Why or why not? If the executive leaves the house on the market for another month, the expected sales price in dollars will be $ house is sold back to the company for $205,000. However, if the house is left on the market for another month, there is a will get less than the company offer of $205,000. It is a close call. But the expected value suggests the executive -Select--- v leave the house on the market another This is a --Select--- v price than if the probability that the executive month.
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