A real estate company 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. Under $150,000 $150,000-$199,999 Initial Asking Price $200,000-$250,000 Over $250,000 Total (c) What is the probability of An B? Days Listed Until Sold Under 30 I 40 20 100 10 170 31-90 10 150 (e) Are events A and B independent? O No, because P(A | B) P(A). O Yes, because P(A n B) 0. O Yes, because P(A | B) < P(A). O No, because A and B aren't mutually exclusive. 20 10 190 Over 90 50 80 280 30 440 Total 100 250 400 (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. 50 (b) If B is defined as the event that the initial asking price is under $150,000, estimate the probability of B. 800 (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 the company more than 90 days to sell?

A real estate company 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. Under $150,000 $150,000-$199,999 Initial Asking Price $200,000-$250,000 Over $250,000 Total (c) What is the probability of An B? Days Listed Until Sold Under 30 I 40 20 100 10 170 31-90 10 150 (e) Are events A and B independent? O No, because P(A | B) P(A). O Yes, because P(A n B) 0. O Yes, because P(A | B) < P(A). O No, because A and B aren't mutually exclusive. 20 10 190 Over 90 50 80 280 30 440 Total 100 250 400 (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. 50 (b) If B is defined as the event that the initial asking price is under $150,000, estimate the probability of B. 800 (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 the company more than 90 days to sell?

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 65E

See similar textbooks