Questions and Answers
What is the number of possible outcomes when selecting two persons with recorded opinions on federal taxes?
4
What is the experiment in the marketing research department at PepsiCo regarding a newly developed soft drink?
Asking teenagers their reactions to the newly developed soft drink.
What is the probability that a randomly selected student is a management major if 3 out of 27 students are management majors? (Round your answer to 3 decimal places)
0.111
Which concept of probability is used to estimate the probability of a student being a management major?
Signup and view all the answers
Indicate the type of probability used in the following cases: a baseball player gets a hit in 36 out of 114 times at bat.
Signup and view all the answers
Which type of probability concept applies when a six-member committee is formed to study environmental issues?
Signup and view all the answers
What type of probability is used when purchasing a lottery ticket among twelve million sold?
Signup and view all the answers
What probability concept would be used to assign probabilities to the outcomes when promoting two employees out of a group of six men and three women?
Signup and view all the answers
In a survey of 45 oil industry executives, what is the experiment conducted?
Signup and view all the answers
What is the probability that an oil industry executive will respond 'yes' if 30 out of 45 executives responded yes?
Signup and view all the answers
What concept of probability does the oil industry executives' experiment illustrate?
Signup and view all the answers
Are the outcomes in the survey of oil industry executives equally likely and mutually exclusive?
Signup and view all the answers
What concept of probability would be associated with tracking the daily change in the price of AT&T stock?
Signup and view all the answers
What is the probability of either event A or event B occurring if P(A) = 0.28 and P(B) = 0.31?
Signup and view all the answers
What is the probability that neither event A nor event B will happen if P(A) = 0.28 and P(B) = 0.31?
Signup and view all the answers
What is the probability of either event X or event Y occurring if P(X) = 0.25 and P(Y) = 0.22?
Signup and view all the answers
What is the probability that neither event X nor event Y will happen if P(X) = 0.25 and P(Y) = 0.22?
Signup and view all the answers
Study Notes
Probability Outcomes
- When selecting two individuals regarding tax opinions, possible outcomes are 4: (For, For), (For, Against), (Against, For), (Against, Against).
Marketing Research Experiment
- Experiment involves asking 2,500 teenagers about their reactions to a newly developed PepsiCo soft drink compared to their favorite.
Student Major Probabilities
- Students major distribution: Accounting (9), Finance (3), Economics (5), Management (3), Marketing (7).
- Probability of selecting a management major: 0.111 (calculation: 3 / 27).
- Concept used for this probability is empirical, based on the actual observed data.
Types of Probability
- Empirical Probability: Based on historical data (e.g., baseball player hits).
- Classical Probability: Based on equally likely outcomes (e.g., committee selection, lottery chances).
- Subjective Probability: Based on personal judgment (not explicitly mentioned in the text).
Employee Promotion Probability
- Classical probability concept applies when selecting which of the two employees out of a pool of nine (six men, three women) to promote, as each has an equal chance.
Oil Industry Executive Survey
- Experiment: Survey of 45 oil industry executives regarding environmental questions.
- Possible outcomes include various combination responses, with incorrect options noted (like 49 No responses).
- Probability of 'Yes' responses calculated as 0.66 (30 / 45).
- Concept used: Empirical, illustrating probability based on observations.
- Outcomes are equally likely and mutually exclusive.
Stock Price Tracking
- Tracking daily changes in stock price closely relates to empirical probability, as it relies on historical price data to identify trends.
Mutually Exclusive Events Probability
- For events A (P(A) = 0.28) and B (P(B) = 0.31):
- Probability of either A or B occurring: 0.59 (calculation: P(A or B) = P(A) + P(B)).
- Probability that neither occurs: 0.41 (calculation: P(neither A nor B) = 1 - P(A or B)).
Second Mutually Exclusive Events Example
- For events X (P(X) = 0.25) and Y (P(Y) = 0.22):
- Probability of either X or Y: 0.47 (P(X or Y) calculation).
- Probability that neither X nor Y occurs: 0.53.
Income Study of Advertising Firms
- A study of 268 advertising firms reveals their income after taxes, indicating financial performance metrics essential in advertising business analysis.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
This quiz explores various types of probability including empirical, classical, and subjective probabilities. It covers real-world applications such as marketing research, student major distributions, and employee promotion outcomes. Test your understanding of these important concepts.
