Exam 4: Basic Probability

TABLE 4-7 The next state lottery will have the following payoffs possible with their associated probabilities. Payoff Probability \ 2.00 0.0500 \ 25.00 0.0100 \ 100.00 0.0050 \ 500.00 0.0010 \ 5,000.00 0.0005 \ 10,000.00 0.0001 You buy a single ticket. -Referring to Table 4-7, the probability that you win at least $100.00 is ________.

An investment consultant is recommending a certain class of mutual funds to the clienteles based on its exceptionally high probability of gain. It is an ethical practice to explain to the clienteles what the meaning of probability is.

According to a survey of American households, the probability that the residents own 2 cars if annual household income is over $50,000 is 80%. Of the households surveyed, 60% had incomes over $50,000 and 70% had 2 cars. The probability that the residents of a household own 2 cars and have an income less than or equal to $50,000 a year is

Seven passengers are on a waiting list for an overbooked flight. As a result of cancellations, 3 seats become available. How many different ways can those 3 available seats be filled regardless of the order?

The probability that a new advertising campaign will increase sales is assessed as being 0.80. The probability that the cost of developing the new ad campaign can be kept within the original budget allocation is 0.40. Assuming that the two events are independent, the probability that the cost is kept within budget and the campaign will increase sales is

TABLE 4-6 At a Texas college, 60% of the students are from the southern part of the state, 30% are from the northern part of the state, and the remaining 10% are from out-of-state. All students must take and pass an Entry Level Math (ELM) test. 60% of the southerners have passed the ELM, 70% of the northerners have passed the ELM, and 90% of the out-of-staters have passed the ELM. -Referring to Table 4-6, if a randomly selected student has not passed the ELM, the probability the student is from southern Texas is ________.

If event A and event B cannot occur at the same time, then events A and B are said to be

If A and B cannot occur at the same time they are called mutually exclusive.

TABLE 4-2 An alcohol awareness task force at a Big-Ten university sampled 200 students after the midterm to ask them whether they went bar hopping the weekend before the midterm or spent the weekend studying, and whether they did well or poorly on the midterm. The following result was obtained. Did Well on Midterm Did Poorly on Midterm Studying for Exam 80 20 Went Bar Hopping 30 70 -Referring to Table 4-2, the events "Did Well on Midterm" and "Did Poorly on Midterm" are

The probability that a new advertising campaign will increase sales is assessed as being 0.80. The probability that the cost of developing the new ad campaign can be kept within the original budget allocation is 0.40. Assuming that the two events are independent, the probability that neither the cost is kept within budget nor the campaign will increase sales is

TABLE 4-11 A sample of 300 adults is selected. The contingency table below shows their registration status and their preferred source of information on current events. Preferred source of information Voting registration status Television Newspapers Radio Internet Registered 45 30 45 36 Not registered 35 44 45 20 -Referring to Table 4-11, what is the probability that an adult who prefers to get his/her current information from the Internet will be a registered voter?

TABLE 4-5 In a meat packaging plant, Machine A accounts for 60% of the plant's output, while Machine B accounts for 40% of the plant's output. In total, 4% of the packages are improperly sealed. Also, 3% of the packages are from Machine A and are improperly sealed. -Referring to Table 4-5, if a package selected at random came from Machine B, the probability that it is properly sealed is ________.

TABLE 4-10 Are whites more likely to claim bias? It was found that 60% of the workers were white, 30% were black and 10% are other races. Given that a worker was white, the probability that the worker had claimed bias was 30%. Given that a worker was black, the probability that the worker had claimed bias was 40%. Given that a worker was other race, the probability that the worker had claimed bias was 0%. -Referring to Table 4-10, if a randomly selected worker had not claimed bias, what is the probability that the worker is white?

If two equally likely events A and B are mutually exclusive and collectively exhaustive, what is the probability that event A occurs?

Simple probability is also called

TABLE 4-9 A survey conducted by the Segal Company of New York found that in a sample of 189 large companies, 40 offered stock options to their board members as part of their non-cash compensation packages. For small- to mid-sized companies, 43 of the 180 surveyed indicated that they offer stock options as part of their noncash compensation packages to their board members. -Referring to Table 4-9, if a company is selected at random, what is the probability that the company offered stock options to their board members?

TABLE 4-8 According to the record of the registrar's office at a state university, 35% of the students are freshman, 25% are sophomore, 16% are junior and the rest are senior. Among the freshmen, sophomores, juniors and seniors, the portion of students who live in the dormitory are, respectively, 80%, 60%, 30% and 20%. -Referring to Table 4-8, what percentage of the students live in a dormitory?

If the outcome of event A is not affected by event B, then events A and B are said to be

TABLE 4-5 In a meat packaging plant, Machine A accounts for 60% of the plant's output, while Machine B accounts for 40% of the plant's output. In total, 4% of the packages are improperly sealed. Also, 3% of the packages are from Machine A and are improperly sealed. -Referring to Table 4-5, if a package selected at random came from Machine B, the probability that it is improperly sealed is ________.

TABLE 4-4 Suppose that patrons of a restaurant were asked whether they preferred water or whether they preferred soda. 70% said that they preferred water. 60% of the patrons were male. 80% of the males preferred water. -Referring to Table 4-4, the probability a randomly selected patron is a female who prefers water is ________.