Exam 5: Probability

A market research firm is investigating the appeal of three package designs. The table below gives information obtained through a sample of 200 consumers. The three package designs are labelled A, B, and C. The consumers are classified according to age and package design preference. Are "B" and "25 or older" independent and why or why $\textbf{ not? }$

Given that two events, A and B, are independent, if the marginal probability of A is 0.6, the conditional probability of A given B will be 0.4.

Meagan Dubean manages a portfolio of 200 common stocks. Her staff classified the portfolio stocks by 'industry sector' and 'investment objective.' If a stock is selected randomly from Meagan's portfolio, P(Healthcare or Electronics) = ___.

Suppose that the probability that LIBOR (London inter-bank offered rate) will increase next trimester is 0.025. Assume also that the probability that your company will open a new branch overseas is 0.20. If the probability that at least one of the two events occur, i.e., LIBOR increases and/or your company opens a new overseas branch, is 0.21, what is the probability that both events occur?

Meagan Dubean manages a portfolio of 200 common stocks. Her staff classified the portfolio stocks by 'industry sector' and 'investment objective.' Which of the following statements is true?

A market research firm is investigating the appeal of three package designs. The table below gives information obtained through a sample of 200 consumers. The three package designs are labelled A, B, and C. The consumers are classified according to age and package design preference. If one of these consumers is randomly selected and is under 25, what is the probability that the person prefers design A?

Abel Alonzo, Director of Human Resources, is exploring employee absenteeism at the Plano Power Plant. Ten percent of all plant employees work in the finishing department; 20% of all plant employees are absent excessively; and 7% of all plant employees work in the finishing department and are absent excessively. A plant employee is selected randomly; F is the event "works in the finishing department;" and A is the event "is absent excessively." P(A|F) = ___.

Consider the following sample space, S, and several events defined on it. S = {Albert, Betty, Abel, Jack, Patty, Meagan}, and the events are: F = {Betty, Patty, Meagan}, H = {Abel, Meagan}, and P = {Betty, Abel}. F or H is ___.

The table below provides summary information about students in a class. The sex of each individual and their age range is given. If a student is randomly selected from this group, what is the probability that the student is male?

The number of different committees of 2 students that can be chosen from a group of 5 students is

An experiment is a process that produces outcomes.

Meagan Dubean manages a portfolio of 200 common stocks. Her staff classified the portfolio stocks by 'industry sector' and 'investment objective.' If a stock is selected randomly from Meagan's portfolio, P(Airlines|Income) = ___.

Name the branch of statistics that is supported by probability.

In a set of 25 aluminum castings, four castings are defective (D), and the remaining twenty-one are good (G). A quality control inspector randomly selects three of the twenty-five castings without replacement, and classifies each as defective (D) or good (G). The sample space for this experiment contains ___ elementary events.

Inferring the value of a population parameter from the statistic on a random sample drawn from the population is an inferential process under uncertainty.

The marketing department of your company is investigating the appeal of three possible service plans your company is planning to offer. The table below gives information obtained through a sample of 2395 clients. The three service plans are labelled A, B, and C. The clients are classified according to their industry and their service plan preference. If one of these consumers is randomly selected and prefers plan C, what is the probability that this client is from the construction industry?

Assigning probability 1/52 on drawing the ace of spade in a deck of cards is an example of assigning probabilities using the ___ method.

The list of all elementary events for an experiment is called ___.

Probability is used to develop knowledge of the fundamental mathematical tools for quantitatively assessing risk.

Meagan Dubean manages a portfolio of 200 common stocks. Her staff classified the portfolio stocks by 'industry sector' and 'investment objective.' If a stock is selected randomly from Meagan's portfolio, P(Growth) = ___.