Chapter 6 Continuous Probability Distributions Supplementary Exercises 39. A bus
ID: 3329296 • Letter: C
Question
Chapter 6 Continuous Probability Distributions Supplementary Exercises 39. A business t qicky.The executive's employer has offered to buy the house for $210,000e in afford to leave the house on the market for another month. From conversations w ss executive, transferred from Chicago to Atlanta, needs to sell her house but the off er expires at the end of the week. The executive does not currently have a bettero but can her realtor, the for another month a. If she e market e executive believes the price she will get by leaving the house on the mark is uniformly distributed between $200,000 and $225,000. leaves the house on the market for another month, what is the mathem b. If she leaves it on the market for another month, what is the probability she will get at c. If she leaves it on the market for another month, what is the probability she will get d. Should the executive leave the house on the market for another month? Why or why not? expression for the probability density function of the sales price least $215,000 for the house? less than $210,000?Explanation / Answer
a) as above price is uniformely distributed between paramter a =200000 and b =225000
therefore probability density of sale price f(x) =1/(b-a) =1/(225000-200000) =1/25000
b)probability that she will get at least 215000 =P(X>215000) =(225000-215000)/25000 =0.4
c)probability that she will get less then 210000 =(210000-200000)/25000 =0.4
d)as probability of getting less then 210000 is 0.4 whcih is less then 0.5 and probability of getting more then 210000 is (1-0.4=0.6) which is higer, therefore executive should leave the house on the market for another month cause there are higher chance of gettting higher price then $210000
please revert for any clarification.
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.