Question: The American Housing Survey reported the following data on the number of bedrooms in owner-occupied and renter-occupied houses in central cities (U.S. Census Bureau website. March 31.2003).
a. Define a random variable x = number of bedrooms in renter-occupied houses and develop a probability distribution for the random variable. (Let x = 4 represent 4 or more bedrooms)
b. Compute the expected value and variance for the number of bedrooms in renter-occupied houses.
c. Define a random variable y = number of bedrooms in owner-occupied houses and develop a probability distribution for the random variable. (Let y = 4 represent 4 or more bedrooms.)
d. Compute the expected value and variance for the number of bedrooms in owner-occupied houses.
e. What observations can you make from a comparison of the number of bedrooms in renter-occupied versus owner-occupied homes?