Suppose you wish to purchase a home. There are many factors Po to consider in a home, such as price, location, acreage, year built, tax rates, and nearby amenities. You decide to rate each home you visit on a 1-10 scale, with 10 being the best in each of the listed categories. However, you don't value all of these factors the same. Perhaps your budget is more constrained, so you wish to weight the price with more importance. You allocate 100 points of weight among the factors as follows: Weight Factor Price Location 25 Acreage Year Built Tax Rates 10 5 10 Amenities 10 Total 100 You visit three houses, H1, H2, and H3 and score each each factor in the table below: H3 Weight H1 H2 Factor Price 2 10 40 Location 5 10 25 2 Acreage Year Built 2 10 8. 10 3 Tax Rates 4 2 10 Amenities 10 10 10 Total 100 3. (a) Calculate the weighted average score of each house, and select the best house accord- ing to this criterion. (b) Change the weights as follows: Weight Factor Price 30 Location 15 Acreage Year Built 10 Tax Rates 20 Amenities 20 Total 100 Recalculate the weighted average score for each of the three houses above. With your criterion changed, has your decision about which house is best changed?
Suppose you wish to purchase a home. There are many factors Po to consider in a home, such as price, location, acreage, year built, tax rates, and nearby amenities. You decide to rate each home you visit on a 1-10 scale, with 10 being the best in each of the listed categories. However, you don't value all of these factors the same. Perhaps your budget is more constrained, so you wish to weight the price with more importance. You allocate 100 points of weight among the factors as follows: Weight Factor Price Location 25 Acreage Year Built Tax Rates 10 5 10 Amenities 10 Total 100 You visit three houses, H1, H2, and H3 and score each each factor in the table below: H3 Weight H1 H2 Factor Price 2 10 40 Location 5 10 25 2 Acreage Year Built 2 10 8. 10 3 Tax Rates 4 2 10 Amenities 10 10 10 Total 100 3. (a) Calculate the weighted average score of each house, and select the best house accord- ing to this criterion. (b) Change the weights as follows: Weight Factor Price 30 Location 15 Acreage Year Built 10 Tax Rates 20 Amenities 20 Total 100 Recalculate the weighted average score for each of the three houses above. With your criterion changed, has your decision about which house is best changed?
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.6: Summarizing Categorical Data
Problem 25PPS
Related questions
Concept explainers
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
Topic Video
Question
Can you do this problem?
Transcribed Image Text:Suppose you wish to purchase a home. There are many factors
Po
to consider in a home, such as price, location, acreage, year built, tax rates, and nearby
amenities. You decide to rate each home you visit on a 1-10 scale, with 10 being the best
in each of the listed categories. However, you don't value all of these factors the same.
Perhaps your budget is more constrained, so you wish to weight the price with more
importance. You allocate 100 points of weight among the factors as follows:
Weight
Factor
Price
Location
25
Acreage
Year Built
Tax Rates
10
5
10
Amenities
10
Total
100
You visit three houses, H1, H2, and H3 and score each each factor in the table below:
H3
Weight H1 H2
Factor
Price
2
10
40
Location
5
10
25
2
Acreage
Year Built
2
10
8.
10
3
Tax Rates
4
2
10
Amenities
10
10
10
Total
100
3.
Transcribed Image Text:(a) Calculate the weighted average score of each house, and select the best house accord-
ing to this criterion.
(b) Change the weights as follows:
Weight
Factor
Price
30
Location
15
Acreage
Year Built
10
Tax Rates
20
Amenities
20
Total
100
Recalculate the weighted average score for each of the three houses above. With
your criterion changed, has your decision about which house is best changed?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 7 steps with 6 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill