1. There were 2500 apartments that sold in a certain area in 2016, the mean pric

Question

1. There were 2500 apartments that sold in a certain area in 2016, the mean price is $505,000 and the standard deviation is $43,000. A particular apartment has a z-score of 2.45. What did it sell for?

Please show work in excel using formulas.

2. Suppose that 24% of employees are vegetarians. Moreover, assume that 73% of all employees are female and 18% of all females are vegetarians. Please Show work in excel with formulas.

a. If we choose an employee at random from this corporation then what is the probability that this person is a male who is a vegetarian?

b. If we choose an employee at random from this corporation then what is the probability that this person is a male who is not a vegetarian?

c. What proportion of male employees are vegetarians?

d. What proportion of employees who are vegetarians are female?

Explanation / Answer

Ans:

1)we know that

z=(x-mean)/std. dev

x=505000+2.45*43000

x=610350

2)P(vegetarian)=0.24

P(non vegetarian)=1-0.24=0.76

P(female)=0.73

P(male)=1-0.73=0.27

P(vegetarian/female)=0.18

a)P(vegetarian and female)=0.18*0.73=0.1314

P(vegetarian and male)=P(vegetarian)-P(vegetarian and female)=0.24-0.1314=0.1086

b)P(male and not vegetarian)=P(male)-P(male and vegetarian)=0.27-0.1086=0.1614

c)P(vegetarian/male)=P(male and vegetarian)/P(male)=0.1086/0.27=0.4022

d)P(female/vegetarian)=P(female and vegetarian)/P(vegetarian)=0.1314/0.24=0.5475

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