Essentials Of Statistics For Business & Economics

9th Edition

ISBN: 9780357045435

Author: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran

Publisher: South-Western College Pub

See similar textbooks

Concept explainers

Contingency Table

A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear re…

Binomial Distribution

Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.

Videos

Textbook Question

Chapter 4, Problem 56SE

Cooper Realty is a small real estate company located in Albany, New York, specializing primarily in residential listings. They recently became interested in determining the likelihood of one of their listings being sold within a certain number of days. An analysis of company sales of 800 homes in previous years produced the following data.

Chapter 4, Problem 56SE, 56. Cooper Realty is a small real estate company located in Albany, New York, specializing primarily

a. If A is defined as the event that a home is listed for more than 90 days before being sold, estimate the probability of A.
b. If B is defined as the event that the initial asking price is under $150,000, estimate the probability of B.
c. What is the probability of A ∩ B?
d. Assuming that a contract was just signed to list a home with an initial asking price of less than $150,000, what is the probability that the home will take Cooper Realty more than 90 days to sell?
e. Are events A and B independent?

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Chapter 4, Problem 55SE

Chapter 4, Problem 57SE

Chapter 4 Solutions

Essentials Of Statistics For Business & Economics

Ch. 4.1 - 1. An experiment has three steps with three...Ch. 4.1 - 2. How many ways can three items be selected from...Ch. 4.1 - How many permutations of three items can be...Ch. 4.1 - 4. Consider the experiment of tossing a coin three...Ch. 4.1 - 5. Suppose an experiment has five equally likely...Ch. 4.1 - An experiment with three outcomes has been...Ch. 4.1 - A decision maker subjectively assigned the...Ch. 4.1 - In the city of Milford, applications for zoning...Ch. 4.1 - Simple random sampling uses a sample of size n...Ch. 4.1 - Code Churn. Code Churn is a common metric used to...

Ch. 4.1 - Tri-State Smokers. A Gallup Poll of U.S. adults...Ch. 4.1 - A company that manufactures toothpaste is studying...Ch. 4.1 - Powerball Lottery. The Powerball lottery is played...Ch. 4.2 - An experiment has four equally likely outcomes:...Ch. 4.2 - 15. Consider the experiment of selecting a playing...Ch. 4.2 - Consider the experiment of rolling a pair of dice....Ch. 4.2 - Refer to the KPL sample points and sample point...Ch. 4.2 - 18. Fortune magazine publishes an annual list of...Ch. 4.2 - 19. Do you think global warming will have an...Ch. 4.2 - Junior Achievement USA and the Allstate Foundation...Ch. 4.2 - Fatal Collisions with a Fixed Object. The National...Ch. 4.3 - Suppose that we have a sample space with five...Ch. 4.3 - 23. Suppose that we have a sample space S = {E1,...Ch. 4.3 - Clarkson University surveyed alumni to learn more...Ch. 4.3 - Americans Using Facebook and LinkedIn. A 2018 Pew...Ch. 4.3 - 26. Information about mutual funds provided by...Ch. 4.3 - Social Media Use. A marketing firm would like to...Ch. 4.3 - A survey of magazine subscribers showed that 45.8%...Ch. 4.3 - High school seniors with strong academic records...Ch. 4.4 - 30. Suppose that we have two events, A and B, with...Ch. 4.4 - 31. Assume that we have two events, A and B, that...Ch. 4.4 - Living with Family. Consider the following example...Ch. 4.4 - 33. Students taking the Graduate Management...Ch. 4.4 - The bureau of Transportation Statistics reports...Ch. 4.4 - 35. To better understand how husbands and wives...Ch. 4.4 - Jamal Crawford of the National Basketball...Ch. 4.4 - Giving Up Electronics. A 2018 Pew Research Center...Ch. 4.4 - The Institute for Higher Education Policy, a...Ch. 4.5 - The prior probabilities for events A1 and A2 are...Ch. 4.5 - 40. The prior probabilities for events A1, A2, and...Ch. 4.5 - 41. A consulting firm submitted a bid for a large...Ch. 4.5 - A local bank reviewed its credit card policy with...Ch. 4.5 - Prostate Cancer Screening. According to a 2018...Ch. 4.5 - ParFore created a website to market golf equipment...Ch. 4.5 - Americans Without Health Insurance. The National...Ch. 4 - A survey of adults aged 18 and older conducted by...Ch. 4 - 47. A financial manager made two new...Ch. 4 - 48. Forty-three percent of Americans use social...Ch. 4 - A study of 31,000 hospital admissions in New York...Ch. 4 - 50. A telephone survey to determine viewer...Ch. 4 - The U.S. Census Bureau serves as the leading...Ch. 4 - An MBA new-matriculants survey provided the...Ch. 4 - 53. Refer again to the data from the MBA...Ch. 4 - 54. In February 2012, the Pew Internet & American...Ch. 4 - 55. A large consumer goods company ran a...Ch. 4 - 56. Cooper Realty is a small real estate company...Ch. 4 - A company studied the number of lost-time...Ch. 4 - According to the Open Doors Report, 9.5% of all...Ch. 4 - An oil company purchased an option on land in...Ch. 4 - The five most common words appearing in spam...Ch. 4 - Robs Market (RM) is a regional food store chain in...

Knowledge Booster

$Statistics$

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.