The Mean Rent for a Two-Bedroom Apartment in the Greater

question 47

Multiple Choice

The mean rent for a two-bedroom apartment in the Greater Toronto Area is $2,000 per month. The distribution of the monthly costs does not follow the normal distribution. In fact, it is positively skewed. What is the probability of selecting a sample of 36 two-bedroom apartments and finding the mean to be under $1,500 per month? The standard deviation of the sample is $300.

• A) 34.13%
• B) 84.13%
• C) 50%
• D) 100%

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Definitions:

Expected Selling Price

The anticipated amount for which a product or service will be sold.

Bid Shade

A strategy where a buyer offers less than they are willing to pay for an asset or security, hoping to purchase at a lower price.

Larger Amounts

Quantities that exceed the standard or expected volume or number in a given context.

Auctions Frequency

The rate or regularity at which auctions are held over a certain period of time.