The average number of days a house was on the market in Austin, Texas, in 2018 was
Question:
The average number of days a house was on the market in Austin, Texas, in 2018 was 61 days (realyaustin. com). Assume the time on the market follows an exponential probability distribution.
a. What is the probability that a randomly selected house will be on the market less than 40 days?
b. What is the probability that a randomly selected house will be on the market between 60 and 90 days?
c. What is the probability that a randomly selected house will be on the market exactly 70 days?
d. Use Excel to verify the results from parts a and b.
e. What is the standard deviation for this distribution?
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a Px a 1 e a Px 40 1 e 40001639 1 05191 04809 b P60 x 90 Px 90 P...View the full answer
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