Exam 8: Randomness and Probability

Consider the following to answer the question(s) below: The option to buy extended warranties is commonplace with most electronics purchases. Does the type of purchase affect a consumer's willingness to pay extra for an extended warranty? Data for 420 consumers who purchased digital cameras and laptop computers from a leading electronics retailer are summarized in the table. -Which of the following statements is true?

A recent survey of local cell phone retailers showed that of all cell phones sold last month, 64% had a camera, 28% had a music player, and 22% had both. a. What is the probability that a cell phone sold last month had a camera or a music player? b. What is the probability that a cell phone sold last month did not have either a camera or a music player? c. Are the events of a cell phone having a camera and a music player disjoint or mutually exclusive? Explain.

As you enter the bank, you watch four persons in front of you all win $50. The local branch manager tells you how lucky you are to be throwing the ball while it is on a hot streak but the friend with you says that you're unlucky because the streak can't continue. Comment on their statements.

Suppose you visit Stickler's bicycle shop in the hopes of getting a 100% discount on your purchases. As you wait your turn in line, there are three gold winners in a row. The two customers in line behind you begin to discuss what's happened. One believes that the streak of three gold winners has killed anyone else's chances of getting a 100% discount, while the other says just the opposite… that the wheel's "hot streak" increases their chances of getting a 100% discount. Comment on these opinions.

A small manufacturing company recently instituted Six Sigma training for its employees. Two methods of training were offered: online and traditional classroom. Management was interested in whether the division in which employees worked affected their choice of method. Below is a table summarizing the data. a. What is the probability that an employee chose online training? b. What is the probability that an employee is in the quality division and chose online training? c. What is the probability that an employee chose online training given that he/she is in the sales division?

Consider the following to answer the question(s) below: The option to buy extended warranties is commonplace with most electronics purchases. Does the type of purchase affect a consumer's willingness to pay extra for an extended warranty? Data for 420 consumers who purchased digital cameras and laptop computers from a leading electronics retailer are summarized in the table. -The probability that a consumer purchases an extended warranty given that he/she has purchased a digital camera is

Consider the following to answer the question(s) below: A recent survey of local cell phone retailers showed that of all cell phones sold last month, 64% had a camera, 28% had a music player, and 22% had both. -Which of the following statements about cell phones sold last month is true?

During its grand opening week, Stickler's bicycle shop offers a "wheel of discount savings". After customers select the items they wish to purchase, they spin the wheel to determine the discount they will receive. The wheel is divided into 12 slices. Six slices are red and award a 10% discount, three slices are white and award a 20% discount, and two slices are blue and award a 40% discount. The remaining slice is gold and awards a 100% discount! a. What is the probability that a customer gets at least a 40% discount? b. What is the probability that a customer does not get at least a 40% discount? c. What is the probability that a customer gets a 10% or 20% discount? d. What is the probability that two customers in a row get a 20% discount?

Consider the following to answer the question(s) below: Harrison Water Sports has three retail outlets: Vancouver, Victoria, and Nanaimo. The Vancouver store does 50 percent of the total sales in a year, while the Victoria store does 35 percent of the total sales, and Nanaimo the remainder. Further analysis indicates that of the sales in Vancouver, 20 percent are in boat accessories. The percentage of boat accessories at the Victoria store is 30 and the percentage at the Nanaimo store is 25. -If a sale is recorded as a boat accessory, the probability that the sale was made at the Nanaimo store is

Consider the following to answer the question(s) below: Harrison Water Sports has three retail outlets: Vancouver, Victoria, and Nanaimo. The Vancouver store does 50 percent of the total sales in a year, while the Victoria store does 35 percent of the total sales, and Nanaimo the remainder. Further analysis indicates that of the sales in Vancouver, 20 percent are in boat accessories. The percentage of boat accessories at the Victoria store is 30 and the percentage at the Nanaimo store is 25. -If a sale is recorded as a boat accessory, the probability that the sale was made at the Victoria store is

Consider the following to answer the question(s) below: -Of the last 100 customers entering a computer shop, 25 have purchased a computer. If the purchases of customers are independent of one another, the probability that the next customer will purchase a computer is

Does it appear that the decision to purchase an extended warranty and the type of electronics purchased (digital camera or laptop computer) are independent? Explain.

Consider the following to answer the question(s) below: A recent survey of local cell phone retailers showed that of all cell phones sold last month, 64% had a camera, 28% had a music player, and 22% had both. -The probability that a cell phone sold last month did not have either a camera or a music player is

Does it appear that choice of instructional method (traditional or online) and division (sales, quality or operations) are independent? Explain.

Consider the following to answer the question(s) below: -The probability that a client is over age 50 and is not holding bonds is

Consider the following to answer the question(s) below: -When a customer enters a store there are three outcomes that can occur: buy nothing, buy a small amount, or buy a large amount. It is the case that if a customer buys a large amount, he or she cannot also buy a small amount or buy nothing. We say that these events are

Consider the following to answer the question(s) below: During its grand opening week, Stickler's bicycle shop offers a "wheel of discount savings." After customers select the items they wish to purchase, they spin the wheel to determine the discount they will receive. The wheel is divided into 12 slices. Six slices are red and award a 10% discount, three slices are white and award a 20% discount, and two slices are blue and award a 40% discount. The remaining slice is gold and awards a 100% discount! -The probability that a customer gets at least a 40% discount is

Consider the following to answer the question(s) below: During its grand opening week, Stickler's bicycle shop offers a "wheel of discount savings." After customers select the items they wish to purchase, they spin the wheel to determine the discount they will receive. The wheel is divided into 12 slices. Six slices are red and award a 10% discount, three slices are white and award a 20% discount, and two slices are blue and award a 40% discount. The remaining slice is gold and awards a 100% discount! -The probability that a customer gets a 10% or 20% discount is

As an incentive to get new customers, the local branch of a bank launched "bouncing for bucks." During this week long event, any customer opening a new chequing account with the bank would have the opportunity to throw a bouncy rubber ball into a large box divided into squares. Each square was labeled with a dollar amount that would be deposited into his/her new chequing account. The way the box was labeled is shown below. a. What is the probability that a customer gets $20 or more? b. What is the probability that a customer gets less than $20? c. What is the probability that a customer gets $20 or $30? d. What is the probability that two customers in a row get $50?

Consider the following to answer the question(s) below: -Which of the following statements is true?