Exam 4: Introduction to Probability

The probability assigned to each experimental outcome must be

In a city, 60% of the residents live in houses and 40% of the residents live in apartments. Of the people who live in houses, 20% own their own business. Of the people who live in apartments, 10% own their own business. If a person owns his or her own business, find the probability that he or she lives in a house.

The sample space refers to

The symbol $\cup$ shows the

If two events are independent, then

Bayes' theorem is used to compute

The multiplication law is potentially helpful when we are interested in computing the probability of

If P(A) = 0.85, P(A $\cup$ B) = 0.72, and P(A $\cap$ B) = 0.66, then P(B) =

Any process that generates well-defined outcomes is

Since the sun must rise tomorrow, then the probability of the sun rising tomorrow is

The addition law is potentially helpful when we are interested in computing the probability of

If P(A $\cap$ B) = 0,

A perfectly balanced coin is tossed 6 times and tails appears on all six tosses. Then, on the seventh trial

An accounting firm has noticed that of the companies it audits, 85% show no inventory shortages, 10% show small inventory shortages and 5% show large inventory shortages. The firm has devised a new accounting test for which it believes the following probabilities hold: P(company will pass test | no shortage) = .90 P(company will pass test | small shortage) = .50 P(company will pass test | large shortage) = .20 a. If a company being audited fails this test, what is the probability of a large or small inventory shortage? b. If a company being audited passes this test, what is the probability of no inventory shortage?

When the results of experimentation or historical data are used to assign probability values, the method used to assign probabilities is referred to as the

An experiment consists of throwing two six-sided dice and observing the number of spots on the upper faces. Determine the probability that a. the sum of the spots is 3. b. each die shows four or more spots. c. the sum of the spots is not 3. d. neither a one nor a six appear on each die. e. a pair of sixes appears. f. the sum of the spots is 7.

Each individual outcome of an experiment is called

A survey of a sample of business students resulted in the following information regarding the genders of the individuals and their major. a.What is the probability of selecting an individual who is majoring in Marketing? b.What is the probability of selecting an individual who is majoring in Management, given that the person is female? c.Given that a person is male, what is the probability that he is majoring in Management? d.What is the probability of selecting a male individual?

The probability of an economic decline in the year 2013 is 0.23. There is a probability of 0.64 that we will elect a republican president in the year 2012. If we elect a republican president, there is a 0.35 probability of an economic decline. Let "D" represent the event of an economic decline, and "R" represent the event of election of a Republican president. a.Are "R" and "D" independent events? b.What is the probability of electing a Republican president in 2012 and an economic decline in the year 2013? c.If we experience an economic decline in the year 2013, what is the probability that a Republican president will have been elected in the year 2012? d.What is the probability of economic decline in 2013 or a Republican president elected in the year 2012 or both?

If P(A|B) = .3,