Exam 2: Probability Concepts and Applications

If two events are mutually exclusive, the probability of both events occurring is simply the sum of the individual probabilities.

The classical method of determining probability is

Using a standard deck of 52 cards, explain why the situation of drawing a 7 and a club is not collectively exhaustive.

The number of cell phone minutes used by high school seniors follows a normal distribution with a mean of 500 and a standard deviation of 50. What is the probability that a student uses fewer than 600 minutes?

If two events (A,B) are not mutually exclusive, what is the probability of event A or event B occurring?

List the parameter(s) of the Poisson distribution.

A probability is a numerical statement about the chance that an event will occur.

Data for a particular subdivision near downtown Houston indicate that the average price per square foot for a home is $100 with a standard deviation of $5 (normally distributed). What is the probability that the average price per square foot for a home is less than $85?

Given two statistically independent events (A,B), the conditional probability P(A|B) = P(A).

A discrete random variable has a mean of 400 and a variance of 64. What is the standard deviation?

For two events A and B that are not mutually exclusive, the probability that either A or B will occur is P(A) × P(B) - P(A and B).

Assume that you have an urn containing 10 balls of the following description: 4 are white (W) and lettered (L) 2 are white (W) and numbered (N) 3 are yellow (Y) and lettered (L) 1 is yellow (Y) and numbered (N) If you draw a numbered ball (N), the probability that this ball is white (W) is 0.60.

List the two parameters of the normal distribution.

A company is considering producing some new Gameboy electronic games. Based on past records, management believes that there is a 70 percent chance that each of these will be successful, and a 30 percent chance of failure. Market research may be used to revise these probabilities. In the past, the successful products were predicted to be successful based on market research 90 percent of the time. However, for products that failed, the market research predicted these would be successes 20 percent of the time. If market research is performed for a new product, what is the probability that the product will be successful if the market research indicates a success?

The time required to travel downtown at 10 a.m. on Monday morning is known to be normally distributed with a mean of 40 minutes and a standard deviation of 5 minutes. What is the probability that it will take less than 35 minutes?

The expected value of a binomial distribution is expressed as np, where n equals the number of trials and p equals the probability of success of any individual trial.

A probability density function is a mathematical way of describing Bayes' theorem.

The probability of obtaining specific outcomes in a Bernoulli process is described by the binomial probability distribution.

If we flip a coin three times, the probability of getting three heads is 0.125.

The probability, P, of any event or state of nature occurring is greater than or equal to 0 and less than or equal to 1.