Solutions Probability

The 2002 New York City Housing and Vacancy Survey showed a total of 59,324 rent controlled housing u

Question: The 2002 New York City Housing and Vacancy Survey showed a total of 59,324 rent controlled housing units and 236,263 rent stabilized units build in 1947 or later. For these rental units, the probability distributions for the number of persons living in the unit are given

Number of Persons Rent-Controlled Rent Stabilized

1 .61 .41
2 .27 .30
3 .07 .14
4 .04 .11
5 .01 0.03
6 .00 0.01

a) What is the expected value of the number of persons living in each type of units?

b) What is the variance of the number of persons living in each type of unit?

c) Make some comparisons between the number of persons living in rent controlled units and the number of persons living in rent stabilized units

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Answer: The solution consists of 3 pages
Deliverables: Word Document


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