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13th Edition

Anderson

Publisher: CENGAGE L

ISBN: 9781305881884

Chapter 4, Problem 56SE

Textbook Problem

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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.

- 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?

**a.**

To determine

Compute the probability of *A* .

**Calculation:**

The given table provides idea initial asking price and day listed until sold. The company sales 800 home in the previous year. Event *A* denotes that a home is listed for more than 90 days.

The probability of the event can be obtained as follows:

The company sales 800 homes in the previous year and 200 of them are listed for more than 90 days before being sold

**b.**

To determine

Compute the probability of *B*.

**c.**

To determine

Compute the probability of

**d.**

To determine

Compute the probability that the home will take cooper Reality more than 90 days to sell given that initial asking price is less than $150,000.

**e.**

To determine

Check whether events *A* and *B* are independent or not. Explain the reason.

STATISTICS F/BUSINESS+ECONOMICS-TEXT

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