The Asking Price for Homes on the Real Estate Market

question 93

Multiple Choice

The asking price for homes on the real estate market in Baltimore has a mean value of $286,455 and a standard deviation of $11,200.The mean and standard deviation in asking price for homes in Denver are $188,468 and $8,230,respectively.Recently,one home sold in each city where the asking price for each home was $193,000.Based on these data,which of the following conclusions can be made?

• A)The two homes have approximately the same standardized values.
• B)The distribution of asking prices in the two cities is bell-shaped.
• C)The house in Baltimore is relatively further from the mean than the house in Denver.
• D)The asking prices of homes in Denver is less variable than those in Baltimore.

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Definitions:

Inventory Policy

The set of guidelines a company follows to determine how much inventory should be kept on hand to meet customer demand and manage supply chain efficiency.

Quantity Discounts

Pricing incentives granted to purchasers that buy in large volumes, typically reducing the cost per unit.

Pricing Schedules

Established plans listing prices for different products, services, or conditions, often varying based on volume, timing, or contract terms.

Marginal Unit

The additional unit of a good or service, used in economics to analyze the cost or benefit of producing one more unit.