Exam 3: Probability

Combinations are employed in cases where the order of objects is not important.

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: A market research firm regularly assembles panel of consumers to test new television commercials for effectiveness.The consumers are told that they are evaluating a pilot TV program.After viewing the hour-long program,complete with commercials,they are asked many questions about the program and some about the commercial - the actual object of research.A tabulation of results from one panel counted the number of panelists who recalled the product incorrectly,the number who recalled the product correctly and had a favorable opinion,and the number who recalled the product correctly and had an unfavorable opinion. -Use the complement rule to find the probability that a randomly chosen consumer recalled the commercial.

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: Ted's Surfboard Shop makes surfboards by hand.The number of surfboards that Ted makes in a week depends on the wave conditions.Ted has estimated the following probabilities for surfboard production for the next week. -Let event A be that Ted produces more than seven surfboards and let event B be that he produces exactly six surfboards.Which of the following statements is true?

As the office manager for a medical office with ten doctors,you are responsible for developing the roster for the on-call shift for the next three nights.How many different ways could you assign a different doctor to each of the next three nights?

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: A stock analyst has provided estimates of a corporation's expected return over the next year.This return is likely to depend on the interest rate,so the analyst has developed the following two-way table. -What is the probability that the stock has a return of at least 8%?

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(A)?

Events A and B are said to be collectively exhaustive if their intersection is the empty set.

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: Ted's Surfboard Shop makes surfboards by hand.The number of surfboards that Ted makes in a week depends on the wave conditions.Ted has estimated the following probabilities for surfboard production for the next week. -Let event A be that Ted produces more than six surfboards,and let event B be that he produces less than eight surfboards.Which of the following statements is true?

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: A local real estate broker has collected data on the sales of 128 homes.She is interested in looking at the selling price of the house as well as the length of time the house was for sale.She prepared the following two-way table. -What proportion of all houses sold in either less than 90 days or sold for $150K or more?

Calculate the conditional probabilities of incorrect,favorable,and unfavorable responses among men.Do the same for women.

________ probability is the number of events in the population that meet the condition divided by the total number in the population.

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 received advertising material and does not adopt the book?

If the firm interviewed was from the West,what is the probability that it expected medium or high growth?

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: In a survey of top executives,it was found that 46% had either traveled internationally on business or could fluently speak a foreign language.The probability that an executive who had not traveled internationally could speak a foreign language was 10%.It was found that only 4% of the executives had traveled internationally and could speak a foreign language. -What is the probability that an executive has not traveled internationally?

If events A and B are independent,then events and must be independent.

Suppose A and B are independent events where P(A)= 0.42 and P(B)= 0.38.Then,the conditional probability of A,given B,is 0.38.

The complement of the union of two events is the intersection of their complements.

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: A recent marketing survey related consumers' 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 ranked the product as fair had a high awareness of the ad campaign?

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: The production manager at a local manufacturing plant is concerned about work stoppages in the four production lines.In particular,the manager is evaluating the likelihood of the next stoppage occurring on production line 1. -If each of the lines is equally likely to have the next stoppage,the probability that production line 1 is stopped next is 25%.This is an example of:

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: A multiple choice quiz has five questions,each with five answers,A through E.Assume you just guess on all of the questions. -What is the probability that you guessed on all five questions right?