In 2021, it was reported that the mean home price in an exclusive neighborhood increased by 20% within a single year, while the median home price declined by 2% during that same year. Which of the following is the best explanation for this occurrence?

1. The price of most homes in the neighborhood decreased and more homes were sold in the neighborhood that year.
2. This reported made an error in presenting the results; if the mean home price increases, the median home price must also increase.
3. Most of the homes in the neighborhood decreased in price and a small number of homes had large increases in price.
4. We can make no judgement about this situation without seeing the distribution of home prices in the neighborhood.

Using 5 mbits/s broadband of connection, it takes between 18-24 minutes to download a 2-hours movie from I Tunes stores. Assume the download time are uniformly distributed, what is the probability that the download time will be more than 20 minutes?

1. 0.3
2. 0.3333
3. 0.5000
4. 0.6667
5. None of the above

In listing a property, real estate agencies provide information on number of variables. Which of the following variables relates to property listings is categorical?

1. Real estate tax
2. Number of badrooms
3. Style of home
4. Asking price
5. number of bathrooms

the manager of a computer help desk operation in Moncton, NB has collected enough data to conclude that the time per call is normally distributed with a mean equal to 4.32 minutes and a standard deviation of 1.96 minutes.

Based on this, what is the probability that call will last longer than 7 minutes?

1. 0.9201
2. 0.9142
3. 0.0799
4. 0.1957
5. 0.0858

The manager wants to set a time limit on calls so that a beep sounds in the headset of the employeer after a certain point. If the manager wants to the beep to sound on only 4 percent of all calls, what should the time limit should be?

1. 7.07 minutes
2. 8.35 minutes
3. 9.52 minutes
4. 7.75 minutes
5. 10.83 minutes

The BC ambulance service takes an average of 130 seconds to respond to a 911 emergency call. The standard deviation is 50 seconds and the distribution of the response time is normally distributed. The ambulance service would like to reduce its time to respond to the call. What mean response time would allow them to respond to 80%of emergency calls within 100 seconds (assume the standard deviation remain the same)?

1. 57.92 seconds
2. 60 seconds
3. 62.86 seconds
4. 74.25 seconds
5. 100 seconds