Exam 8: Randomness and Probability

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 a 10% or 20% discount is

Consider the following to answer the question(s) below: SamaraCom is a communications and media company. It operates in the field of wireless communications, cable TV, telephone, and Internet connectivity. A recent survey showed that 64% of the SamaraCom clients are subscribed to Internet service, 28% are TV customers, and 22% are subscribed to a bundle (both, Internet and TV services). -What is the probability that a client is subscribed to TV service or Internet?

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?

One explanation put forth for the scarcity of women CEOs in the high tech industry is that there is a lack of mentoring opportunities for women. A recent survey of CEOs in this industry found that 80% were men. Moreover, 75% of those who were surveyed had been mentored, but only 15% were mentored women. a. Construct the contingency table. b. Are two events W = {a randomly selected CEO is a woman} and N = {a randomly selected CEO has not been mentored} independent? Explain.

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 following table represents information about investments of 200 randomly selected residents of Etobicoke. -The probability that a client is over age 50 and is holding bonds is

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

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

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: The following table represents information about investments of 200 randomly selected residents of Etobicoke. -The probability that a client is holding mutual funds given that he/she is age 50 or younger is

SamaraCom is a communications and media company. It operates in the field of wireless communications, cable TV, telephone, and Internet connectivity. A recent survey showed that 64% of the SamaraCom clients are subscribed to Internet service, 28% are TV customers, and 22% are subscribed to a bundle (both, Internet and TV services). a. What is the probability that a client is subscribed to TV service or Internet? b. What is the probability that a SamaraCom client is subscribed to neither TV service nor Internet? c. Are the events of T = {TV service subscription} and I = {Internet service subscription} disjoint (or mutually exclusive)? Explain.