Question 1

What is the probability that a respondent chosen at random is a male who enjoys shopping for clothing or a female who enjoys shopping for clothing?

Accepted Answer

P(male who enjoys clothes shopping or female who enjoys clothes shopping) = (448+272)/1000 = 720/1000 = 0.72

Question 2

If two events are collectively exhaustive, what is the probability that one or the other occurs?

Accepted Answer

A)  0.25 
B)  0.50 
C)  1.00 
D)  This cannot be determined from the information given. 
A)  0.25 
B)  0.50 
C)  1.00 
D)  This cannot be determined from the information given. C

Question 3

What is the probability of observing the sale of at least two bats on a given day at this sporting goods store?

Accepted Answer

P(X≥2) = 0.436

Question 4

If two events are mutually exclusive, what is the probability that both occur at the same time?

Accepted Answer

A)  0.00 
B)  0.50 
C)  1.00 
D)  This cannot be determined from the information given. 
A)  0.00 
B)  0.50 
C)  1.00 
D)  This cannot be determined from the information given.

Question 5

If it costs $200,000 to drill each well and a successful well will produce $1,000,000 worth of oil over its lifetime, what is the expected net value of this three-well program if all three wells are successful?

Accepted Answer

$3,000,000

Question 6

The multiplication rule for two events A and B is: P(A and B) = P(A|B)P(A).

Accepted Answer

A) True 
 B)False

Question 7

You think you have a 90% chance of passing your statistics class. This is an example of subjective probability.

Accepted Answer

A) True 
 B)False

Question 8

What is the probability that a respondent chosen at random is a female and enjoys shopping for clothing?

Accepted Answer

P(female and enjoys

Question 9

What is the probability that a respondent chosen at random is a male or a female?

Accepted Answer

P(male or female) =

Question 10

Probabilities that can be estimated from long-run relative frequencies of events are called:

Accepted Answer

A)  objective probabilities 
B)  subjective probabilities 
C)  complementary probabilities 
D)  joint probabilities 
A)  objective probabilities 
B)  subjective probabilities 
C)  complementary probabilities 
D)  joint probabilities

Question 11

Find the probability distribution of X.

Accepted Answer

The answer of Find the probability distribution of X....

Question 12

Conditional probability is the probability that an event will occur, with no other events taken into consideration.

Accepted Answer

A) True 
 B)False

Question 13

Suppose a randomly selected patron prefers beer. What is the probability the patron is a male?

Accepted Answer

The answer of Suppose a randomly selected patron prefers beer....

Question 14

The time students spend in a computer lab during one day is an example of a continuous random variable.

Accepted Answer

A) True 
 B)False

Question 15

Probability is a number between 0 and 1, inclusive, which measures the likelihood that some event will occur.

Accepted Answer

A) True 
 B)False

Question 16

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

Accepted Answer

A) True 
 B)False

Question 17

What is the probability a randomly selected patron is a female who prefers wine?

Accepted Answer

The answer of What is the probability a randomly selected...

Question 18

What is the probability that none of the oil wells will be successful?

Accepted Answer

The answer of What is the probability that none of...

Question 19

Let A and B be the events of the FDA approving and rejecting a new drug to treat hypertension, respectively. The events A and B are:

Accepted Answer

A)  independent 
B)  conditional 
C)  unilateral 
D)  mutually exclusive 
A)  independent 
B)  conditional 
C)  unilateral 
D)  mutually exclusive

Question 20

If A and B are two independent events with P(A) = 0.20 and P(B) = 0.60, then P(A and B) = 0.80.

Accepted Answer

A) True 
 B)False

What is the probability that a respondent chosen at random is a male who enjoys shopping for clothing or a female who enjoys shopping for clothing?

If two events are collectively exhaustive, what is the probability that one or the other occurs?

What is the probability of observing the sale of at least two bats on a given day at this sporting goods store?

If two events are mutually exclusive, what is the probability that both occur at the same time?

If it costs $200,000 to drill each well and a successful well will produce $1,000,000 worth of oil over its lifetime, what is the expected net value of this three-well program if all three wells are successful?

The multiplication rule for two events A and B is: P(A and B) = P(A|B)P(A).

You think you have a 90% chance of passing your statistics class. This is an example of subjective probability.

What is the probability that a respondent chosen at random is a female and enjoys shopping for clothing?

What is the probability that a respondent chosen at random is a male or a female?

Probabilities that can be estimated from long-run relative frequencies of events are called:

Find the probability distribution of X.

Conditional probability is the probability that an event will occur, with no other events taken into consideration.

Suppose a randomly selected patron prefers beer. What is the probability the patron is a male?

The time students spend in a computer lab during one day is an example of a continuous random variable.

Probability is a number between 0 and 1, inclusive, which measures the likelihood that some event will occur.

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

What is the probability a randomly selected patron is a female who prefers wine?

What is the probability that none of the oil wells will be successful?

Let A and B be the events of the FDA approving and rejecting a new drug to treat hypertension, respectively. The events A and B are:

If A and B are two independent events with P(A) = 0.20 and P(B) = 0.60, then P(A and B) = 0.80.

Introduction to Business Analytics

Describing the Distribution of a Single Variable

Finding Relationships Among Variables

Normal, Binomial, Poisson, and Exponential Distributions

Decision Making Under Uncertainty

Sampling and Sampling Distributions

Confidence Interval Estimation

Hypothesis Testing

Regression Analysis: Estimating Relationships

Regression Analysis: Statistical Inference

Time Series Analysis and Forecasting

Introduction to Optimization Modeling

Optimization Models

Introduction to Simulation Modeling

Simulation Models

Data Mining

Importing Data Into Excel

Analysis of Variance and Experimental Design

Statistical Process Control

Filters

Exam 4: Probability and Probability Distributions

What is the probability that a respondent chosen at random is a male who enjoys shopping for clothing or a female who enjoys shopping for clothing?

If two events are collectively exhaustive, what is the probability that one or the other occurs?

What is the probability of observing the sale of at least two bats on a given day at this sporting goods store?

If two events are mutually exclusive, what is the probability that both occur at the same time?

If it costs $200,000 to drill each well and a successful well will produce $1,000,000 worth of oil over its lifetime, what is the expected net value of this three-well program if all three wells are successful?

The multiplication rule for two events A and B is: P(A and B) = P(A|B)P(A).

You think you have a 90% chance of passing your statistics class. This is an example of subjective probability.

What is the probability that a respondent chosen at random is a female and enjoys shopping for clothing?

What is the probability that a respondent chosen at random is a male or a female?

Probabilities that can be estimated from long-run relative frequencies of events are called:

Find the probability distribution of X.

Conditional probability is the probability that an event will occur, with no other events taken into consideration.

Suppose a randomly selected patron prefers beer. What is the probability the patron is a male?

The time students spend in a computer lab during one day is an example of a continuous random variable.

Probability is a number between 0 and 1, inclusive, which measures the likelihood that some event will occur.

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

What is the probability a randomly selected patron is a female who prefers wine?

What is the probability that none of the oil wells will be successful?

Let A and B be the events of the FDA approving and rejecting a new drug to treat hypertension, respectively. The events A and B are:

If A and B are two independent events with P(A) = 0.20 and P(B) = 0.60, then P(A and B) = 0.80.

Introduction to Business Analytics

Describing the Distribution of a Single Variable

Finding Relationships Among Variables

Normal, Binomial, Poisson, and Exponential Distributions

Decision Making Under Uncertainty

Sampling and Sampling Distributions

Confidence Interval Estimation

Hypothesis Testing

Regression Analysis: Estimating Relationships

Regression Analysis: Statistical Inference

Time Series Analysis and Forecasting

Introduction to Optimization Modeling

Optimization Models

Introduction to Simulation Modeling

Simulation Models

Data Mining

Importing Data Into Excel

Analysis of Variance and Experimental Design

Statistical Process Control

Filters