Question
Jim is a real estate agent who sells large commercial buildings. Because his commission is so large on a single sale, he does not need
Jim is a real estate agent who sells large commercial buildings. Because his commission is so large on a single sale, he does not need to sell many buildings to make a good living. History shows that Jim has a record of selling an average of8.9large commercial buildings every269days.
(a) Explain why a Poisson probability distribution would be a good choice forr= number of buildings sold in a given time interval.
Frequency of commercial building sales is a rare occurrence. It is reasonable to assume the events are dependent.
Frequency of commercial building sales is a rare occurrence. It is reasonable to assume the events are independent.
Frequency of commercial building sales is a common occurrence. It is reasonable to assume the events are independent.
Frequency of commercial building sales is a common occurrence. It is reasonable to assume the events are dependent.
(b) In a59-day period, what is the probability that Jim will make no sales? one sale? two or more sales? (Use two decimal places for. Round your answers to four decimal places.)P(0)P(1)P(r2)
(c) In a110-day period, what is the probability that Jim will make no sales? two sales? three or more sales? (Use two decimal places for. Round your answers to four decimal places.)P(0)P(2)P(r3)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started