Exam 3: Probability

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: A recent marketing survey tried to relate a consumer's awareness of a new marketing campaign with their rating of the product.Consumers rated their awareness as low,medium,or high,and rated the product as poor,fair,or good.The results are presented below. -What is the probability that a consumer who had medium awareness ranked the product as fair or good?

Bivariate probabilities have broad applications in business and economics because they provide information that involves two distinct sets of events.

The probability of the intersection of two events can be derived from the conditional probability by the use of the multiplication rule of probability.

Which of the following statements is not true?

The individual probabilities of a pair of events cannot sum to more than 1.

If P(A)= 0.25 and P(B)= 0.75,then A and B must be collectively exhaustive.

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: A table of joint probabilities is shown below,regarding the instructors at the University of Michigan,where the events A_i(i = 1,2,3)and B_j (j = 1,2)are defined as follows: A₁ = Full professor,A₂ = Associate professor,A₃ = Assistant professor,B₁ = Male instructor,and B₂ = Female instructor. -Calculate P(A₃ ∣ B₁).

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: A manufacturer of automobiles conducted a market survey.Eighty percent of the customers want better fuel efficiency,while 55% want a vehicle navigation system and 45% percent want both features. -The probability that a person does not want a vehicle navigation system is:

Of those houses that sold for more than $300K,what proportion took 30 days or more to sell?

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: Three airlines serve a small town in Indiana.Airline A has 60% of all the scheduled flights,airline B has 30%,and airline C has the remaining 10%.Their on-time rates are 80%,60%,and 49% respectively.Define event D as an airline arrives on time. -Calculate P(C ∩D).

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: In a recent survey of consumer confidence,160 respondents were classified by their level of education.The results of the survey are presented below. -What proportion of respondents who had at least some college education also had high confidence?

If A and B are independent events with P(A)= 0.20 and P(B)= 0.60,then P(A |B)is:

The conditional probability of A,given B,must be at least as large as the probability of A.

The probabilities that may be computed by summing the corresponding row or column of a two-way table are called:

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: A recent survey showed that 15% of computer programmers have experienced some form of wrist pain from typing,and that 25% are taking aspirin daily.Six percent of all programmers have both experienced some form of wrist pain from typing and taken aspirin on a daily basis. -What is the probability that a programmer who has wrist pain takes aspirin on a daily basis?

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: The probability that an employee at a company eats lunch at the company cafeteria is 0.23,and the probability that employee is female is 0.52.Assume the probability that an employee eats lunch at the company cafeteria and is female is 0.11. -What is the probability that a randomly chosen employee either eats lunch at the company cafeteria or is female?

If a plane has just left 40 minutes late,what is the probability that it was airline A?

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: An investment firm has classified its clients according to their gender and the composition of their investment portfolio (primarily bonds,primarily stocks,or a balanced mix of bonds and stocks).The proportions of clients falling into the various categories are shown in the following table: Portfolio Composition One client is selected at random,and two events A and B are defined as follows: A: The client selected is male. B: The client selected has a balanced portfolio. -What is P(B)?

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: A company wishes to evaluate the effectiveness of a marketing campaign.Seventy five percent of all potential professors were reached in a focused advertising program.Twenty eight percent of those contacted adopted the book while 8% of the adoptions came from professors who did not receive the promotional material.Define the following events of interest: A₁ = Professor received advertising material A₂ = Professor did not receive advertising material B₁ = Professor adopts the book B₂ = Professor does not adopt the book -What is the probability that a professor did not receive advertising material and does adopt the book?

Which of the following would fit the definition of the statistical independence of events A and B?