4.78 A real estate agent is interested in the relationship between the number of lines in a...

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4.78 A real estate agent is interested in the relationship between the number of lines in a newspaper advertisement for an apartment and the volume of inquiries from potential renters. Let volume of inquiries be denoted by the random variable X, with the value 0 for little interest, 1 for moderate interest, and 2 for strong interest. The real estate agent used historical records to compute the joint probability distribution shown in the accompanying table.

Number of Lines (Y)

Number of Inquiries (X)

0 1 2 3 0.09 0.14 0.07 4 0.07 0.23 0.16 5 0.03 0.10 0.11

a. Find the joint cumulative probability at X = 1, Y = 4, and interpret your result.

b. Find and interpret the conditional probability distribution for Y, given X = 0.

c. Find and interpret the conditional probability distribution for X, given Y = 4.

d. Find and interpret the covariance between X and Y.

e. Are number of lines in the advertisement and volume of inquiries independent of one another?

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Statistics For Business And Economics

ISBN: 9780273767060

8th Global Edition

Authors: Paul Newbold, Mr William Carlson, Ms Betty Thorne

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