13th Edition

ISBN: 9781305881884

Author: Anderson

Publisher: CENGAGE L

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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, Cooper Realty is a small real estate company located in Albany, New York, specializing primarily in

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?

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Chapter 4 Solutions

STATISTICS F/BUSINESS+ECONOMICS-TEXT

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Solution Summary: The author calculates the probability of A and B based on the company's sales of 800 homes in the previous year.

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Chapter 4 Solutions