Purchase Solution

Home market sales probabilities

Not what you're looking for?

Ask Custom Question

The Board of Realtors of a small city reports that 80% of the houses that are sold have been on the market for more than 6 months. The Board takes a random sample of 15homes that have recently been sold and counts the number that were on the market for more than 6 months. What is the Probability that of 15 homes in the sample:

a. less than 12 have been on the market for more than 6 months?
b. between 8 and 13 have been on the market for more than 6 months?
c. at least 10 homes have been on the market for more than 6 months?
d. at most 4 have been on the market for more than 6 months?

Purchase this Solution
Solution Summary

The solution discusses the probabilities relating to home sales as reported by a board of realtors.

Purchase this Solution
Free BrainMass Quizzes
Measures of Central Tendency

This quiz evaluates the students understanding of the measures of central tendency seen in statistics. This quiz is specifically designed to incorporate the measures of central tendency as they relate to psychological research.

Know Your Statistical Concepts

Each question is a choice-summary multiple choice question that presents you with a statistical concept and then 4 numbered statements. You must decide which (if any) of the numbered statements is/are true as they relate to the statistical concept.

Measures of Central Tendency

Tests knowledge of the three main measures of central tendency, including some simple calculation questions.

Terms and Definitions for Statistics

This quiz covers basic terms and definitions of statistics.

View More Free Quizzes
Related BrainMass Solutions

  • Probabilities and Market Response

    517815 Probabilities and Market Response 1) Brax Technology Corporation is evaluating the introduction of a new product. The possible levels of unit sales and the probabilities of their occurrence are given.

  • Risk and Expected Returns

    Audi makes the most fuel-efficient motor vehicles in the US market, sales and profits and would benefit from higher fuel prices.

  • Expected Value and Standard Deviation

    The possible levels of unit sales and the probabilities of their occurrence are given below: Possible Sales Market Reaction in Units Probabilities Low response . . . . . . . . . . . . . 20

  • Expected value and standard deviation - Myers Business

    The possible levels of unit sales and the probabilities of their occurrence are given below: Possible Sales Market Reaction in Units Probabilities Low response . . . . . . . . . . . . . 20 .10 Moderate response . . . . . . . . . 40 .30 High response

  • Expected Value and Standard Deviation - Scenarios

    The possible levels of unit sales and the probabilities of their occurrence are given below: Possible Market Reaction Sales in Units Probabilities Low response 20 .10 Moderate response 40 .30 High response

  • Expected Value and Standard Deviation

    The possible levels of unit sales and the probabilities of their occurrence are given below: Possible Sales Market Reaction in Units Probabilities Low response . . . . . . . . . . . . . 20 .10 Moderate response . . . . . . . . . 40 .30 High response

  • The possible levels of unit sales and the probabilities of their occurrence

    The possible levels of unit sales and the probabilities of their occurrence are given below: Possible Sales Market Reaction in Units Probabilities Low response . . . . . . . . . . . . . 20 .10 Moderate response . . . . . . . . . 40 .30 High response

  • Probability: Real Estate Data Set

    In a home is selected at random, compute the following probabilities: 1. The home has a garage attached. 2. Given that it is in Township 5, that it does not have a garage attached. 3.

  • Computing a Payoff Table and Finding an Optimal Decision Using Given Data

    sales.

View More Related Solutions