Probability Concepts and Applications
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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?

<p>Empirical</p> 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.

<p>Empirical</p> Signup and view all the answers

Which type of probability concept applies when a six-member committee is formed to study environmental issues?

<p>Classical</p> Signup and view all the answers

What type of probability is used when purchasing a lottery ticket among twelve million sold?

<p>Classical</p> 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?

<p>Classical probability</p> Signup and view all the answers

In a survey of 45 oil industry executives, what is the experiment conducted?

<p>The survey of 45 oil industry employees.</p> 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?

<p>0.66</p> Signup and view all the answers

What concept of probability does the oil industry executives' experiment illustrate?

<p>Empirical</p> Signup and view all the answers

Are the outcomes in the survey of oil industry executives equally likely and mutually exclusive?

<p>True</p> 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?

<p>Empirical</p> 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?

<p>0.59</p> 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?

<p>0.41</p> 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?

<p>0.47</p> 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?

<p>0.53</p> 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.

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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.

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