A business executive, transferred from Chicago to Atlanta, needs to sell her house in Chicago quickly. The executive's employer has offered to buy the house for $210,000, but the offer expires at the end of the week. The executive does not currently have a better offer, but can afford to leave the house on the market for another month. From conversations with her realtor, the executive believes the price she will get by leaving the house on the market for another month is uniformly distributed between $200,000 and $225,000. a. If she leaves the house on the market for another month, what is the probability density function for the sales price? Note: x is in thousands of dollars. 1 for 200
Family of Curves
A family of curves is a group of curves that are each described by a parametrization in which one or more variables are parameters. In general, the parameters have more complexity on the assembly of the curve than an ordinary linear transformation. These families appear commonly in the solution of differential equations. When a constant of integration is added, it is normally modified algebraically until it no longer replicates a plain linear transformation. The order of a differential equation depends on how many uncertain variables appear in the corresponding curve. The order of the differential equation acquired is two if two unknown variables exist in an equation belonging to this family.
XZ Plane
In order to understand XZ plane, it's helpful to understand two-dimensional and three-dimensional spaces. To plot a point on a plane, two numbers are needed, and these two numbers in the plane can be represented as an ordered pair (a,b) where a and b are real numbers and a is the horizontal coordinate and b is the vertical coordinate. This type of plane is called two-dimensional and it contains two perpendicular axes, the horizontal axis, and the vertical axis.
Euclidean Geometry
Geometry is the branch of mathematics that deals with flat surfaces like lines, angles, points, two-dimensional figures, etc. In Euclidean geometry, one studies the geometrical shapes that rely on different theorems and axioms. This (pure mathematics) geometry was introduced by the Greek mathematician Euclid, and that is why it is called Euclidean geometry. Euclid explained this in his book named 'elements'. Euclid's method in Euclidean geometry involves handling a small group of innately captivate axioms and incorporating many of these other propositions. The elements written by Euclid are the fundamentals for the study of geometry from a modern mathematical perspective. Elements comprise Euclidean theories, postulates, axioms, construction, and mathematical proofs of propositions.
Lines and Angles
In a two-dimensional plane, a line is simply a figure that joins two points. Usually, lines are used for presenting objects that are straight in shape and have minimal depth or width.
just need c and d
![A business executive, transferred from Chicago to Atlanta, needs to sell her house in Chicago quickly. The executive's employer has offered to buy the house for $210,000, but the offer expires at the end of the week. The executive does not currently have a better offer but can afford to leave the house on the market for another month. From conversations with her realtor, the executive believes the price she will get by leaving the house on the market for another month is uniformly distributed between $200,000 and $225,000.
**a. If she leaves the house on the market for another month, what is the probability density function for the sales price? Note: \( x \) is in thousands of dollars.**
1. \[
f(x) =
\begin{cases}
\frac{1}{25} & \text{for } 200 \leq x \leq 225 \\
0 & \text{elsewhere}
\end{cases}
\]
2. \[
f(x) =
\begin{cases}
\frac{1}{210} & \text{for } 200 \leq x \leq 225 \\
0 & \text{elsewhere}
\end{cases}
\]
3. \[
f(x) =
\begin{cases}
\frac{1}{25} & \text{for } 200 \leq x \leq 210 \\
0 & \text{elsewhere}
\end{cases}
\]
- **Select your answer -**
**b. If she leaves it on the market for another month, what is the probability she will get at least $215,000 for the house (to 2 decimals)?**
\[ \_\_\_\_\_\_ \]
**c. If she leaves it on the market for another month, what is the probability she will get less than $210,000 (to 2 decimals)?**
\[ \_\_\_\_\_\_ \]
**d. Should the executive leave the house on the market for another month? Why or why not?**
- **Select your answer -**
- Yes, the expected selling price is higher than $210,000
- No, the selling price has a 0.4 probability of being less than $210,000
-](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2d8ced1e-c405-49cc-9707-ee99115bb45e%2F89337e9e-f8ab-4113-8721-e06d66a9549d%2Fboicxhe_processed.png&w=3840&q=75)
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
