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3. The following table gives home values of 10 homes in three neighborhoods: Neighborhood A $800,000 $600,000 Neighborhood B $1,600,000 $1,200,000 $800,000 $1,200,000 Neighborhood C $1,000,000 $400,000 $500,000 $500,000

3. The following table gives home values of 10 homes in three neighborhoods: Neighborhood A $800,000 $600,000 Neighborhood B $1,600,000 $1,200,000 $800,000 $1,200,000 Neighborhood C $1,000,000 $400,000 $500,000 $500,000

Calculus For The Life Sciences
Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter12: Probability
Section12.3: Conditional Probability; Independent Events; Bayes' Theorem
Problem 81E
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3. The following table gives home values of 10 homes in three neighborhoods: Neighborhood A $800,000 $600,000 Neighborhood B $1,600,000 $1,200,000 $800,000 $1,200,000 Neighborhood C $1,000,000 $400,000 $500,000 $500,000 Calculate the mean (expected) home value for all homes in all regions. Prove that the law of iterated expectations holds in this case, treating price as Y and the neighborhood as X. Use correct notation.
Transcribed Image Text:3. The following table gives home values of 10 homes in three neighborhoods: Neighborhood A $800,000 $600,000 Neighborhood B $1,600,000 $1,200,000 $800,000 $1,200,000 Neighborhood C $1,000,000 $400,000 $500,000 $500,000 Calculate the mean (expected) home value for all homes in all regions. Prove that the law of iterated expectations holds in this case, treating price as Y and the neighborhood as X. Use correct notation.
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