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25 Jan 2021, 23:30
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There is a less than 30% chance that units with some kind of a parking option also exceed both the average monthly rent and the average rate ($ per square foot).: No
If the median rate (rent per square foot) were used to determine the monthly rent for apartment H, the rent would decrease from the current monthly rent.: No
There is a positive correlation between rate (in dollars per square foot) and whether the unit comes with covered or garage parking.: Yes
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
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Question Stats:
42% (03:20) correct
58%
(03:40)
wrong
based on 409
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IR Butler Competition 2021 - Participate and Win!
Question # 52, Date : 26-Jan-2021
This question is a part of IR Butler competition 2021. Click here for Details
Question # 52, Date : 26-Jan-2021
This question is a part of IR Butler competition 2021. Click here for Details
The table shows all of the 1-bedroom, 1-bathroom apartment units that are available within 1 mile of business school B. In the sample, the average monthly rent is $1,428, the average size is 692 square feet, and the average rate ($ per square foot) is $2.09.
| Unit | Monthly rent ($) | Size (sqft) | Rent ($ per sqft) | Parking option | Pool | Fitness center | Washer and dryer |
|---|---|---|---|---|---|---|---|
| A | 1750 | 626 | 2.8 | Covered | Yes | Yes | No |
| B | 1500 | 778 | 1.93 | None | Yes | No | No |
| C | 1400 | 660 | 2.12 | None | No | Yes | No |
| D | 1880 | 994 | 1.89 | Covered | Yes | Yes | Yes |
| E | 1220 | 678 | 1.8 | Lot | Yes | Yes | No |
| F | 950 | 712 | 1.33 | None | No | No | No |
| G | 1530 | 620 | 2.47 | Garage | Yes | No | No |
| H | 1125 | 559 | 2.01 | None | Yes | Yes | Yes |
| I | 1575 | 680 | 2.32 | Garage | Yes | Yes | Yes |
| J | 1350 | 612 | 2.21 | Lot | Yes | Yes | No |
For each of the following statements, select Yes if the statement can be shown to be true using the information provided. Otherwise, select No.
Attachment:
3.jpg [ 106.49 KiB | Viewed 7153 times ]
| Yes | No | |
| There is a less than 30% chance that units with some kind of a parking option also exceed both the average monthly rent and the average rate ($ per square foot). | ||
| If the median rate (rent per square foot) were used to determine the monthly rent for apartment H, the rent would decrease from the current monthly rent. | ||
| There is a positive correlation between rate (in dollars per square foot) and whether the unit comes with covered or garage parking. |
ShowHide Answer
Official Answer
There is a less than 30% chance that units with some kind of a parking option also exceed both the average monthly rent and the average rate ($ per square foot).: No
If the median rate (rent per square foot) were used to determine the monthly rent for apartment H, the rent would decrease from the current monthly rent.: No
There is a positive correlation between rate (in dollars per square foot) and whether the unit comes with covered or garage parking.: Yes
rocky620
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28 Jan 2021, 03:29
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For each of the following statements, select Yes if the statement can be shown to be true using the information provided. Otherwise, select No.
There is a less than 30% chance that units with some kind of a parking option also exceed both the average monthly rent and the average rate ($ per square foot).....NO. Of the 10 units, there are three units (with some kinds of parking lots), that exceeds both the average rent and the average rate per square ft. So there there is atleast 30% chance. In no case it can be lesser than 30%.
Unit-A
Average Rent - 1750
Average Rate - 2.80
Unit-G
Average Rent - 1530
Average Rate - 2.47
Unit-I
Average Rent - 1575
Average Rate - 2.32
If the median rate (rent per square foot) were used to determine the monthly rent for apartment H, the rent would decrease from the current monthly rent..... NO
Rent Per Sq. Ft - 1.33, 1.80, 1.89, 1.93, 2.01, 2.12, 2.21, 2.32, 2.47, 2.80
Median = \(\frac{2.01+2.12}{2}\) = 2.065
Average Rent Of Apartment H = 2.01. Since the median is greater than avg rent of apartment H, the unit cost will increase and not decrease.
There is a positive correlation between rate (in dollars per square foot) and whether the unit comes with covered or garage parking.....NO. There are 4 such units. But only three of them have the three highest average rent per sq ft.
Unit-A - 2.80, Covered
Unit-G - 2.47, Garage
Unit-I - 2.32, Garage
Unit-D - 1.89, Covered.
NO for all statements.
There is a less than 30% chance that units with some kind of a parking option also exceed both the average monthly rent and the average rate ($ per square foot).....NO. Of the 10 units, there are three units (with some kinds of parking lots), that exceeds both the average rent and the average rate per square ft. So there there is atleast 30% chance. In no case it can be lesser than 30%.
Unit-A
Average Rent - 1750
Average Rate - 2.80
Unit-G
Average Rent - 1530
Average Rate - 2.47
Unit-I
Average Rent - 1575
Average Rate - 2.32
If the median rate (rent per square foot) were used to determine the monthly rent for apartment H, the rent would decrease from the current monthly rent..... NO
Rent Per Sq. Ft - 1.33, 1.80, 1.89, 1.93, 2.01, 2.12, 2.21, 2.32, 2.47, 2.80
Median = \(\frac{2.01+2.12}{2}\) = 2.065
Average Rent Of Apartment H = 2.01. Since the median is greater than avg rent of apartment H, the unit cost will increase and not decrease.
There is a positive correlation between rate (in dollars per square foot) and whether the unit comes with covered or garage parking.....NO. There are 4 such units. But only three of them have the three highest average rent per sq ft.
Unit-A - 2.80, Covered
Unit-G - 2.47, Garage
Unit-I - 2.32, Garage
Unit-D - 1.89, Covered.
NO for all statements.
30 Jan 2021, 02:48
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Official Explanation
The Table provides detailed data about specific apartments, including information about rent, square footage, and certain amenities. The text accompanying the table also provides average values for the three numeric columns in the table. Jot these down.
Avg rent: $1,428
Avg size: 692 sf
Avg rate ($ / sf): $2.09
Statement 1: No. The language in this Probability statement is tricky. The first part (units with some kind of a parking option) defines the sub-group from which you’ll be working: only those units with a parking option. Sort by Parking option to see which units apply.
6 units have some kind of parking option: Units A and D have covered parking, units G and I have garage parking, and units E and J have lot parking. Next, of these 6 units, how many exceed both the average monthly rent and the average rate?
The average monthly rent is $1,428 and the average rate is $2.09. Glance down the Monthly rent column for just the first 6 units (still sorted by Parking option). The first 4 (A, D, G, and I) all exceed the monthly rent; the final 2 (E and J) do not, so ignore them.
Of the 4 that exceed the monthly rent (A, D, G, and I), which ones also exceed the average rate of $2.09? Three do: A, G, and I.
Of the 6 units with a parking option, 3 exceed both the average rent and the average rate, so the chance is 3/6, or 50%, which is higher than 30%, not lower. This statement is not true.
Statement 2: No. This statement tests a Statistics concept: the median. Think about what you need to do before you start calculating. The rent is determined by multiplying the rate ($ per square foot) for the unit by the size (square feet) of that unit. The size of apartment H does not change—only the rate changes. If H’s rate is higher than the median rate, then changing to the median rate will result in a rent decrease. If, on the other hand, H’s rate is lower than the median rate, then changing to the median rate will result in a rent increase. Your task, then, is to find H’s rate and compare it to the median rate.
Unit H’s rate is $2.01.
To find the median rate, sort by the Rate column. There are 12 units total, so the units in 5th and 6th position (units H and C) are the two middle units. Take the average of their rates to find the median rate for the whole list.
\(\frac{2.01 + 2.12}{2}=2.065\)
The median rate is higher than H’s current rate, so switching to the median rate would result in a rent increase for this unit, not a decrease. The statement is not true.
Statement 3: Yes. This statement tests another Statistics topic. A positive correlation between two things means that, as one gets larger or more likely to occur, the other also gets larger or more likely to occur. So, as the rate increases, does the likelihood of having covered or garage parking also increase? Sort by Rate ($ per sqft). Note that three of the four units with the highest rates per square foot also have either covered or garage parking. In addition, only one of the apartments with lower rates per square foot has either covered or garage parking. This indicates a positive correlation.
Answer: No, No and Yes
The Table provides detailed data about specific apartments, including information about rent, square footage, and certain amenities. The text accompanying the table also provides average values for the three numeric columns in the table. Jot these down.
Avg rent: $1,428
Avg size: 692 sf
Avg rate ($ / sf): $2.09
Statement 1: No. The language in this Probability statement is tricky. The first part (units with some kind of a parking option) defines the sub-group from which you’ll be working: only those units with a parking option. Sort by Parking option to see which units apply.
6 units have some kind of parking option: Units A and D have covered parking, units G and I have garage parking, and units E and J have lot parking. Next, of these 6 units, how many exceed both the average monthly rent and the average rate?
The average monthly rent is $1,428 and the average rate is $2.09. Glance down the Monthly rent column for just the first 6 units (still sorted by Parking option). The first 4 (A, D, G, and I) all exceed the monthly rent; the final 2 (E and J) do not, so ignore them.
Of the 4 that exceed the monthly rent (A, D, G, and I), which ones also exceed the average rate of $2.09? Three do: A, G, and I.
Of the 6 units with a parking option, 3 exceed both the average rent and the average rate, so the chance is 3/6, or 50%, which is higher than 30%, not lower. This statement is not true.
Statement 2: No. This statement tests a Statistics concept: the median. Think about what you need to do before you start calculating. The rent is determined by multiplying the rate ($ per square foot) for the unit by the size (square feet) of that unit. The size of apartment H does not change—only the rate changes. If H’s rate is higher than the median rate, then changing to the median rate will result in a rent decrease. If, on the other hand, H’s rate is lower than the median rate, then changing to the median rate will result in a rent increase. Your task, then, is to find H’s rate and compare it to the median rate.
Unit H’s rate is $2.01.
To find the median rate, sort by the Rate column. There are 12 units total, so the units in 5th and 6th position (units H and C) are the two middle units. Take the average of their rates to find the median rate for the whole list.
\(\frac{2.01 + 2.12}{2}=2.065\)
The median rate is higher than H’s current rate, so switching to the median rate would result in a rent increase for this unit, not a decrease. The statement is not true.
Statement 3: Yes. This statement tests another Statistics topic. A positive correlation between two things means that, as one gets larger or more likely to occur, the other also gets larger or more likely to occur. So, as the rate increases, does the likelihood of having covered or garage parking also increase? Sort by Rate ($ per sqft). Note that three of the four units with the highest rates per square foot also have either covered or garage parking. In addition, only one of the apartments with lower rates per square foot has either covered or garage parking. This indicates a positive correlation.
Answer: No, No and Yes
28 Jun 2025, 03:15
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