Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Management Posted 21 Jan 2018 My Price 9.00

market in Fresno, California

4-42. Until the summer of 2008, the real estate market in Fresno, California, had been booming, with prices skyrocketing. Recently, a study showed the sales patterns in Fresno for single-family homes. One chart presented in the commission’s report is reproduced here. It shows the number of homes sold by price range and number of days the home was on the market.

 

 

        Days on the Market           Price Range ($000)            1–7          8–30        Over 30

Under $200                         125             15               30

$200–$500                          200           150             100

$501–$1,000                       400           525             175

Over $1,000                        125           140               35

 

 

a. Using the relative frequency approach to probability assessment, what is the probability that a house will be on the market more than 7 days?

b. Is the event 1–7 days on the market independent of the price $200–$500?

c. Suppose a home has just sold in Fresno and was on the market less than 8 days, what is the most likely price range for that home?

 

Answers

Maurice Tutor
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Status NEW Posted 21 Jan 2018 09:01 PM My Price 9.00

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