Question

In: Statistics and Probability

Despite the fact that home prices seem affordable and mortgage rates are at historic lows, real...

Despite the fact that home prices seem affordable and mortgage rates are at historic lows, real estate agents say they are showing more homes, but not selling more. A real estate company estimates that an average of five people show up at an open house to view a property. There is going to be an open house on Sunday. a. What is the probability that at least five people will show up to view the property? b. What is the probability that fewer than five people will show up to view the property?

Solutions

Expert Solution

Solution:-

We have,

X:The number of people show up at an open house to view a property.

Average (X) =

From above information,

The pmf of X is given as,

a)What is the probability that at least five people will show up to view the property?

-----> that is,

Now, by using Excel command,

It gives

The probability that at least five people will show up to view the property is 0.5595

b). What is the probability that fewer than five people will show up to view the property?

-----> that is,

By using Excel command,

It gives value

The probability that fewer than five people will show up to view the property is 0.4405

Note:

1) For probability   from Poisson distribution, the Excel command is,

2 )For probability from Poisson distribution, the Excel command is,

orchestra answered 1 year ago
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