Using the relative frequency approach to probability assessment
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 $200Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 125Â Â Â Â Â Â Â Â Â Â Â Â 15Â Â Â Â Â Â Â Â Â Â Â Â Â Â 30
$200–$500                         200          150            100
$501–$1,000                      400          525            175
Over $1,000Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 125Â Â Â Â Â Â Â Â Â Â 140Â Â Â Â Â Â Â Â Â Â Â Â Â Â 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?
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Answers
Status NEW
Posted 07 May 2017 09:05 AM
My Price 7.00
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file 1494150551-Answer.docx preview (191 words )
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