Questions from Business Statistics

Q: The probability of getting a patent is 0.6. If

The probability of getting a patent is 0.6. If you get the patent, the conditional probability of being profitable is 0.9. However, given that you do not get the patent, the conditional probability of...

Q: You are a contestant on a TV game show with five doors

You are a contestant on a TV game show with five doors. There is just one prize behind one door, randomly selected. After you choose, the hosts deliberately open three doors (other than your choice) t...

Q: You are responsible for a staff of 32 out of the 118

You are responsible for a staff of 32 out of the 118 workers in a rug-weaving factory. Next Monday a representative will be chosen from these 118 workers. Assume that the representative is chosen at r...

Q: For the experience variable: Answer the parts of exercise 1.

For the experience variable: Answer the parts of exercise 1. Data from exercise 1: For the annual salary levels: a. Find the average. b. Find the median. c. Construct a histogram, and give an approx...

Q: As part of a project to determine the reliability of construction materials

As part of a project to determine the reliability of construction materials, 100 samples were subject to a test simulating 5 years of constant use. Of these, 11 samples showed unacceptable breakage. F...

Q: Two divisions are cooperating in the production of a communications satellite.

Two divisions are cooperating in the production of a communications satellite. In order for the launch to be on time, both divisions must meet the deadline. You believe that each has an 83% chance of...

Q: Your company is planning to market a new reading lamp and has

Your company is planning to market a new reading lamp and has segmented the market into three groups—avid readers, regular readers, and occasional readers—and currently assumes that 25% of avid reader...

Q: A company is conducting a survey of 235 people to measure the

A company is conducting a survey of 235 people to measure the level of interest in a new product. Assume that the probability of a randomly selected person’s being “very interested” is 0.88 and that p...

Q: An election coming up next week promises to be very close.

An election coming up next week promises to be very close. In fact, assume that 50% are in favor and 50% are against. Suppose you conduct a poll of 791 randomly selected likely voters. Approximately h...

Q: Repeat the previous problem, but now assume that 85% are

Repeat the previous problem, but now assume that 85% are in favor in the population. Is the uncertainty larger or smaller than when 50% was assumed? Why? Data from Problem 14: An election coming up...