A real estate company recently became interested in determining the likelihood of one of their listings being sold withi
Posted: Mon Jul 11, 2022 11:55 am
A real estate company recently became interested in determiningthe likelihood of one of their listings being sold within a certainnumber of days. An analysis of company sales of 800homes in previous years produced the following data.
(a)
If A is defined as the event that a home islisted for more than 90 days before being sold, estimate theprobability of A.
(b)
If B is defined as the event that the initialasking price is under $150,000, estimate the probabilityof B.
(c)
What is the probability of
A ∩ B?
(d)
Assuming that a contract was just signed to list a home with aninitial asking price of less than $150,000, what is the probabilitythat the home will take the company more than 90 days tosell?
(e)
Areevents A and B independent?
No, because A and B aren't mutually exclusive.No,because P(A |B) ≠ P(A). Yes,because P(A ∩ B) = 0.Yes,because P(A | B) < P(A).
(a)
If A is defined as the event that a home islisted for more than 90 days before being sold, estimate theprobability of A.
(b)
If B is defined as the event that the initialasking price is under $150,000, estimate the probabilityof B.
(c)
What is the probability of
A ∩ B?
(d)
Assuming that a contract was just signed to list a home with aninitial asking price of less than $150,000, what is the probabilitythat the home will take the company more than 90 days tosell?
(e)
Areevents A and B independent?
No, because A and B aren't mutually exclusive.No,because P(A |B) ≠ P(A). Yes,because P(A ∩ B) = 0.Yes,because P(A | B) < P(A).