The Foreclosure Crisis Has Been Particularly Devastating in Housing Markets

question 158

Multiple Choice

The foreclosure crisis has been particularly devastating in housing markets in much of the south and west United States, but even when analysis is restricted to relatively strong housing markets the numbers are staggering. For example, in 2017 an average of three residential properties were auctioned off each weekday in the city of Boston, up from an average of one per week in 2011. What is the probability that exactly 10 foreclosure auctions occurred during a randomly selected five-day week in 2017 in Boston?

• A) 0.0008
• B) 0.0486
• C) 0.1185
• D) 0.9514

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Definitions:

Expenses

Expenses refer to the outflow of money to another person or company to pay for an item or service, or for costs necessary to operate a business.

Owner's Capital

The amount of equity in a company owned by its owner or shareholders, representing the net assets after liabilities have been deducted.

Electronic Repair Revenues

Income generated from services related to fixing and restoring electronic devices and equipment.

Expenses

Costs incurred in the process of earning revenue, typically categorized as fixed or variable costs.