Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1.Keystone puts a lot of work into showcasing properties to potential buyers (something like a personal open house). Each showcase results in either a 'success'

1.Keystone puts a lot of work into showcasing properties to potential buyers (something like a personal open house). Each showcase results in either a 'success' (the buyer purchases the property) or a 'failure' (the buyer refuses to buy the property).Historically, Keystone figures that on any given showcase there is a 30% chance they will be successful and make a sale.Keystone has 7 showcases planned for this month, and they would like to explore some probabilities surrounding these showcases to help them manage this process and forecast revenues.In particular, Keystone wants to see at least two of these showcases turn into sales.What are the chances that exactly 3 of the showcases will result in a sale?What are the chances that they will make at least 3 sales?What are the chances that they will make fewer than 2 sales? Sometimes buyers will request a second viewing of the property.Based on historical evidence, buyers ask for a second viewing on 40% of successful showcases and on only 20% of unsuccessful showcases.What are the chances that a showcase will be successful, given that a potential buyer has asked for a second viewing?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Theory Of Distributions

Authors: Svetlin G Georgiev

1st Edition

3319195271, 9783319195278

More Books

Students also viewed these Mathematics questions

Question

How to use social media for discovery

Answered: 1 week ago

Question

6. How can hidden knowledge guide our actions?

Answered: 1 week ago

Question

7. How can the models we use have a detrimental effect on others?

Answered: 1 week ago