Question 1

Two events A and B are said to be independent if P(A|B)= P(B).

Accepted Answer

A) True 
 B)False

Question 2

Condo Sales and Interest Rates ​ The probability that condo sales will increase in the next 6 months is estimated to be 0.30.The probability that the interest rates on condo loans will go up in the same period is estimated to be 0.75.The probability that condo sales or interest rates will go up during the next 6 months is estimated to be 0.90. ​ ​
-{Condo Sales and Interest Rates Narrative} What is the probability that condo sales will increase but interest rates will not during the next six months?

Accepted Answer

The answer of  Condo Sales and Interest Rates ​...

Question 3

Business Majors Suppose 30% of business majors major in accounting.You take a random sample of 3 business majors. ​ ​
-{Business Majors Narrative} What is the chance that none of them major in accounting?

Accepted Answer

The answer of Business Majors Suppose 30% of business majors...

Question 4

The outcomes of a sample space must be ____________________,which means that all possible outcomes must be included.

Accepted Answer

The answer of The outcomes of a sample space must...

Question 5

Tea and Seltzer 
Suppose 55 percent of adults drink tea,45 percent drink seltzer,and 10 percent drink both. ​ ​
-{Tea and Seltzer Narrative} What is the probability that a randomly chosen adult drinks seltzer or tea or both?

Accepted Answer

The answer of Tea and Seltzer 
Suppose 55 percent of...

Question 6

If A and B are independent events with P(A)= 0.35 and P(B)= 0.55,then P(A|B)is 0.35/0.55 = .64.

Accepted Answer

A) True 
 B)False

Question 7

Conditional probabilities are also called likelihood probabilities.

Accepted Answer

A) True 
 B)False

Question 8

Two or more events are said to be independent when the occurrence of one event has no effect on the probability that another will occur.

Accepted Answer

A) True 
 B)False

Question 9

Condo Sales and Interest Rates 
​ The probability that condo sales will increase in the next 6 months is estimated to be 0.30.The probability that the interest rates on condo loans will go up in the same period is estimated to be 0.75.The probability that condo sales or interest rates will go up during the next 6 months is estimated to be 0.90. ​ ​
-{Condo Sales and Interest Rates Narrative} What is the probability that both condo sales and interest rates will increase during the next six months?

Accepted Answer

The answer of  Condo Sales and Interest Rates 
​...

Question 10

If A and B are independent events with P(A)= .40 and P(B)= .50,then P(A and B)= .20.

Accepted Answer

A) True 
 B)False

Question 11

Hobby Shop Sales Sales records of a hobby shop showed the following number of radio controlled trucks sold weekly for each of the last 50 weeks.   ​ ​
-{Hobby Shop Sales Narrative} List the outcomes in the sample space.

Accepted Answer

The answer of  Hobby Shop Sales Sales records of...

Question 12

Which of the following statements is false regarding a scenario using Bayes' Law?

Accepted Answer

A) Prior probabilities are called likelihood probabilities. 
B) Conditional probabilities are called posterior probabilities. 
C) Posterior probabilities are calculated by using prior probabilities that have been modified based on new information. 
D) None of these choices. 
A) Prior probabilities are called likelihood probabilities. 
B) Conditional probabilities are called posterior probabilities. 
C) Posterior probabilities are calculated by using prior probabilities that have been modified based on new information. 
D) None of these choices.

Question 13

If an experiment consists of five outcomes with P(O1)= 0.10,P(O2)= 0.20,P(O3)= 0.30,P(O4)= 0.25,then P(O5)is

Accepted Answer

A) 0.75 
B) 0.15 
C) 0.50 
D) Cannot be determined from the information given. 
A) 0.75 
B) 0.15 
C) 0.50 
D) Cannot be determined from the information given.

Question 14

Bayes' Law involves three different types of probabilities: 1)prior probabilities; 2)____________________ probabilities; and 3)posterior probabilities.

Accepted Answer

The answer of Bayes' Law involves three different types of...

Question 15

Equity Loan Rates A survey of banks estimated the following probabilities for the interest rate being charged on a equity loan based on a 30-year loan,based on past records.   ​ ​
-{Equity Loan Rates Narrative} What is the most common interest rate?

Accepted Answer

7.5%,since

Question 16

Marital Status
 An insurance company has collected the following data on the gender and marital status of 570 customers.   Suppose that a customer is selected at random. ​ ​
-{Marital Status Narrative} Find the probability that the customer selected is
a.female and single
b.married if the customer is male.
c.not single

Accepted Answer

a. 0.175

Question 17

If either event A or event B must occur,then A and B are mutually exclusive and collectively exhaustive events.

Accepted Answer

A) True 
 B)False

Question 18

If A and B are any two events with P(A)= .8 and P(B|Ac)= .7,then P(Ac and B)is

Accepted Answer

A) 0.56 
B) 0.14 
C) 1.50 
D) None of these choices. 
A) 0.56 
B) 0.14 
C) 1.50 
D) None of these choices.

Question 19

Suppose P(A)= 0.30,P(B)= 0.50,and P(B|A)= 0.60.
a.Find P(A and B).
b.Find P(A or B).
c.Find P(A|B).

Accepted Answer

a. 0.18 
b

Question 20

GPA and Class
 A college professor classifies his students according to their grade point average (GPA)and their class rank.GPA is on a 0.0-4.0 scale,and class rank is defined as the under class (freshmen and sophomores)and the upper class (juniors and seniors).One student is selected at random.   ​ ​
-{GPA and Class Narrative} What is the probability that the student has GPA over 3.0?

Accepted Answer

The answer of  GPA and Class
 A college professor...

Two events A and B are said to be independent if P(A|B)= P(B).

Business Majors Suppose 30% of business majors major in accounting.You take a random sample of 3 business majors. -{Business Majors Narrative} What is the chance that none of them major in accounting?

The outcomes of a sample space must be ____________________,which means that all possible outcomes must be included.

Tea and Seltzer Suppose 55 percent of adults drink tea,45 percent drink seltzer,and 10 percent drink both. -{Tea and Seltzer Narrative} What is the probability that a randomly chosen adult drinks seltzer or tea or both?

If A and B are independent events with P(A)= 0.35 and P(B)= 0.55,then P(A|B)is 0.35/0.55 = .64.

Conditional probabilities are also called likelihood probabilities.

Two or more events are said to be independent when the occurrence of one event has no effect on the probability that another will occur.

If A and B are independent events with P(A)= .40 and P(B)= .50,then P(A and B)= .20.

Hobby Shop Sales Sales records of a hobby shop showed the following number of radio controlled trucks sold weekly for each of the last 50 weeks. -{Hobby Shop Sales Narrative} List the outcomes in the sample space.

Which of the following statements is false regarding a scenario using Bayes' Law?

If an experiment consists of five outcomes with P(O₁)= 0.10,P(O₂)= 0.20,P(O₃)= 0.30,P(O₄)= 0.25,then P(O₅)is

Bayes' Law involves three different types of probabilities: 1)prior probabilities; 2)____________________ probabilities; and 3)posterior probabilities.

Equity Loan Rates A survey of banks estimated the following probabilities for the interest rate being charged on a equity loan based on a 30-year loan,based on past records. -{Equity Loan Rates Narrative} What is the most common interest rate?

If either event A or event B must occur,then A and B are mutually exclusive and collectively exhaustive events.

If A and B are any two events with P(A)= .8 and P(B|A^c)= .7,then P(A^c and B)is

Suppose P(A)= 0.30,P(B)= 0.50,and P(B|A)= 0.60. a.Find P(A and B). b.Find P(A or B). c.Find P(A|B).

What Is Statistics

Graphical Descriptive Techniques 1

Graphical Descriptive Techniques 2

Numerical Descriptive Techniques

Data Collection and Sampling

Random Variables and Discrete Probability Distributions

Continuous Probability Distributions

Sampling Distributions

Introduction to Estimation

Introduction to Hypothesis Testing

Inference About a Population

Inference About Comparing Two Populations

Analysis of Variance

Chi-Squared Tests

Simple Linear Regression and Correlation

Multiple Regression

Model Building

Nonparametric Statistics

Time-Series Analytics and Forecasting

Statistical Process Control

Decision Analysis

Conclusion

Filters

Exam 6: Probability

Two events A and B are said to be independent if P(A|B)= P(B).

Business Majors Suppose 30% of business majors major in accounting.You take a random sample of 3 business majors. ​ ​ -{Business Majors Narrative} What is the chance that none of them major in accounting?

The outcomes of a sample space must be ____________________,which means that all possible outcomes must be included.

Tea and Seltzer Suppose 55 percent of adults drink tea,45 percent drink seltzer,and 10 percent drink both. ​ ​ -{Tea and Seltzer Narrative} What is the probability that a randomly chosen adult drinks seltzer or tea or both?

If A and B are independent events with P(A)= 0.35 and P(B)= 0.55,then P(A|B)is 0.35/0.55 = .64.

Conditional probabilities are also called likelihood probabilities.

Two or more events are said to be independent when the occurrence of one event has no effect on the probability that another will occur.

If A and B are independent events with P(A)= .40 and P(B)= .50,then P(A and B)= .20.

Hobby Shop Sales Sales records of a hobby shop showed the following number of radio controlled trucks sold weekly for each of the last 50 weeks. ​ ​ -{Hobby Shop Sales Narrative} List the outcomes in the sample space.

Which of the following statements is false regarding a scenario using Bayes' Law?

If an experiment consists of five outcomes with P(O1)= 0.10,P(O2)= 0.20,P(O3)= 0.30,P(O4)= 0.25,then P(O5)is

Bayes' Law involves three different types of probabilities: 1)prior probabilities; 2)____________________ probabilities; and 3)posterior probabilities.

Equity Loan Rates A survey of banks estimated the following probabilities for the interest rate being charged on a equity loan based on a 30-year loan,based on past records. ​ ​ -{Equity Loan Rates Narrative} What is the most common interest rate?

If either event A or event B must occur,then A and B are mutually exclusive and collectively exhaustive events.

If A and B are any two events with P(A)= .8 and P(B|Ac)= .7,then P(Ac and B)is

Suppose P(A)= 0.30,P(B)= 0.50,and P(B|A)= 0.60. a.Find P(A and B). b.Find P(A or B). c.Find P(A|B).

What Is Statistics

Graphical Descriptive Techniques 1

Graphical Descriptive Techniques 2

Numerical Descriptive Techniques

Data Collection and Sampling

Random Variables and Discrete Probability Distributions

Continuous Probability Distributions

Sampling Distributions

Introduction to Estimation

Introduction to Hypothesis Testing

Inference About a Population

Inference About Comparing Two Populations

Analysis of Variance

Chi-Squared Tests

Simple Linear Regression and Correlation

Multiple Regression

Model Building

Nonparametric Statistics

Time-Series Analytics and Forecasting

Statistical Process Control

Decision Analysis

Conclusion

Filters

Business Majors Suppose 30% of business majors major in accounting.You take a random sample of 3 business majors. -{Business Majors Narrative} What is the chance that none of them major in accounting?

Tea and Seltzer Suppose 55 percent of adults drink tea,45 percent drink seltzer,and 10 percent drink both. -{Tea and Seltzer Narrative} What is the probability that a randomly chosen adult drinks seltzer or tea or both?

Hobby Shop Sales Sales records of a hobby shop showed the following number of radio controlled trucks sold weekly for each of the last 50 weeks. -{Hobby Shop Sales Narrative} List the outcomes in the sample space.

If an experiment consists of five outcomes with P(O₁)= 0.10,P(O₂)= 0.20,P(O₃)= 0.30,P(O₄)= 0.25,then P(O₅)is

Equity Loan Rates A survey of banks estimated the following probabilities for the interest rate being charged on a equity loan based on a 30-year loan,based on past records. -{Equity Loan Rates Narrative} What is the most common interest rate?

If A and B are any two events with P(A)= .8 and P(B|A^c)= .7,then P(A^c and B)is