COURSE: MGMT 650

PROBLEM 1: Solve the problem below

Probability Rules - Real Estate

You are a realtor. In your area there are 50 starter homes without solar power, 75 mid value homes without solar power, 15 mid value homes with solar power, 35 high value homes without solar power, and 25 high value homes with solar power. A home is picked randomly.

a) What is the joint probability of solar power and mid-value home? b) What is the probability of solar power or mid-value home? c) What is the probability that a home is neither solar power nor mid-value? d) Using the data, write conditional probability problem and calculate the probability.

PROBLEM 2:

Probability Rules - A Birthday Problem

There are 30 people in this class.

a) Use Excel to calculate the probability that at least 2 of the people in the class share the same birthday?

b) If P(at least 2 of the people in the class share the same birthday) = 25%, use Excel to show how many people are in the class. Hint: For the second question, make

D2 X fx =1-PRODUCT($8$2:B2)/PRODUCT($C$2:02) A B C D F People Ways to Choose All Ways P(Match) 365 365 0.000 364 365 0.003 363 365 0.008 362 365 0.016 361 365 0.027