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. -The probability that a consumer purchases a digital camera and an extended warranty is

Consider the following to answer the question(s) below: -The probability that a client only holds bonds is

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 does not purchase an extended warranty is

Consider the following to answer the question(s) below: -The probability that a client is holding mutual funds given that he/she is age 50 or younger is

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. a. What is the probability that a consumer purchases an extended warranty? b. What is the probability that a consumer purchases a digital camera and an extended warranty? c. What is the probability that a consumer purchases an extended warranty given that he/she has purchased a digital camera?

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 two customers in a row get a 20% discount 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. -Overall, the probability that a sale by Harrison Water Sports will be for a boat accessory is

It has been reported that men are more likely than women to participate in online auctions. A recent study found that 52% of Internet shoppers are women and that 35% of Internet shoppers have participated in online auctions. Moreover, 25% of online shoppers were men and had participated in online auctions. a. Construct the contingency table. b. Are gender and participation in online auctions independent? Explain.

Consider the following to answer the question(s) below: -The probability that a client is over age 50 and is holding bonds is

A major airline keeps track of data on how their passengers redeem frequent flyer miles. They found that in the last year 58% of passengers redeemed them to purchase tickets for domestic travel, 44% redeemed them to purchase tickets for international travel, and that 16% redeemed them to purchase tickets for both domestic and international travel. a. What is the probability that in the last year a passenger redeemed frequent flyer miles to purchase a ticket for domestic or international travel? b. What is the probability that in the last year a passenger did not redeem frequent flyer miles to purchase a ticket for domestic or international travel? c. Is redeeming frequent flyer miles to purchase a ticket for domestic and international travel disjoint or mutually exclusive? 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 had a camera or a music player is

One explanation put forth for the scarcity of women CEOs in the high tech industry is that there are a lack of mentoring opportunities for women. A recent survey of CEOs in that industry found that 80% were men. Moreover, 75% in the survey had been mentored, but only 15% were mentored women. a. Construct the contingency table. b. Are gender and mentoring independent? Explain.