Question 1

The following probability distribution was subjectively assessed for the number of sales a salesperson would make if he or she made five sales calls in one day.
  Given this distribution,the probability that the number of sales is 2 or 3 is 0.50.

Accepted Answer

The answer of The following probability distribution was subjectively assessed...

Question 2

When customers come to a bank,there are three primary locations they may select to go to: teller,loan officer,or escrow department.Based on past experience,the following probability distribution applies:
  Seventy percent of customers are males.The probability that the next two customers to enter the bank are males and go to the Loan Officer is 0.42.

Accepted Answer

The given probability distribution does not provide any information about the probability of a customer going to a specific location, given their gender. Therefore, we cannot assume that the probability of the next two customers being male and going to the Loan Officer is 0.42. The answer is false.

Question 3

When the salesperson makes a sale,there are three possible sales levels: large,medium,and small.The probability of a large sale is 0.20 and the chance of a medium sale is 0.60.Thus,when a sale is made,the chance of it being a small sale is 0.20.

Accepted Answer

The sum of the probabilities for all three possible sales levels should be equal to 1. Here, the probabilities given are:
P(large) = 0.20
P(medium) = 0.60
P(small) = 0.20

So, the sum of these probabilities is:
P(large) + P(medium) + P(small) = 0.20 + 0.60 + 0.20 = 1

Therefore, the statement is true that the chance of a small sale when a sale is made is 0.20.

Question 4

Suppose 10 students are enrolled in a class and the probability of at least 8 showing up on a given day is 90 percent.Then the probability of 7 or fewer showing that day is 10 percent.

Accepted Answer

The probability of at least 8 students showing up is 90%, so the probability of 7 or fewer showing up is the complement of this event, which is 100% - 90% = 10%.

Question 5

Sometime it is necessary to assign probabilities based on a person's belief that an outcome will occur.

Accepted Answer

This is true, as subjective probabilities are often based on a person's personal beliefs and opinions about the likelihood of an event occurring.

Question 6

Mutually exclusive means that the occurrence of event A has no effect on the probability of the occurrence of event B,and independent means the occurrence of event A prevents the occurrence of event B.

Accepted Answer

The definitions provided for mutually exclusive and independent are incorrect. Mutually exclusive means that the occurrence of event A makes the occurrence of event B impossible, and independent means that the occurrence of event A has no effect on the probability of the occurrence of event B.

Question 7

When customers come to a bank,there are three primary locations they may select to go to: teller,loan officer,or escrow department.Based on past experience,the following probability distribution applies:
  Seventy percent of customers are males.The probability that three consecutive customers all go to a teller is approximately 0.22.

Accepted Answer

The answer of When customers come to a bank,there are...

Question 8

When customers come to a bank,there are three primary locations they may select to go to: teller,loan officer,or escrow department.Based on past experience,the following probability distribution applies:
  Seventy percent of customers are males.Thus,the probability that the next customer to enter the bank is a male who goes to the teller is 1.30.

Accepted Answer

The probability given in the statement, P(male and teller) = 1.30, is greater than 1, which is not possible as probabilities are bounded between 0 and 1. Therefore, the statement is false.

Question 9

A dam on a river that holds back a water reservoir begins to leak.Engineers say that there is a 10 percent chance of the dam breaking if repairs are not made.This is an example of classical probability.

Accepted Answer

This is an example of subjective probability because the estimation of the dam breaking is based on expert judgment or experience rather than precise mathematical calculations or equally likely outcomes.

Question 10

Assume P(A)= 0.4 and P(B)= 0.2 and P(A andB)= 0.1,then the probability of P(A orB)= 0.7.

Accepted Answer

The probability of P(A or B) is calculated using the formula P(A) + P(B) - P(A and B), which equals 0.4 + 0.2 - 0.1 = 0.5, not 0.7.

Question 11

A used car lot has 15 cars.Five of these cars were manufactured in the United States and the others were made in other countries.If one car is purchased at random from this car lot,the probability that it is a U.S.car is 0.33.

Accepted Answer

If the probability of selecting a U.S. car is 0.33, then the number of U.S. cars out of the total number of cars must be (0.33) multiplied by the total number of cars, i.e., 0.33*15 = 4.95, which rounds up to 5. Therefore, there are five U.S. cars out of 15, which satisfies the given information. Hence, the answer is true.

Question 12

During the past week,of the 250 customers at the Dairy Queen who ordered a Blizzard,50 ordered strawberry.This means that of the next five Blizzard customers,exactly one will order strawberry.

Accepted Answer

The fact that 50 out of 250 customers ordered strawberry does not guarantee that exactly 1 out of the next 5 customers will do the same. It is possible that none or all of the next 5 customers order strawberry. The probability of one customer ordering strawberry out of 5 is actually 10/50 or 20%, which is not a certainty.

Question 13

The following probability distribution was subjectively assessed for the number of sales a salesperson would make if he or she made five sales calls in one day.
  Given this distribution,the probability that the number of sales is less than 2 is 0.15.

Accepted Answer

The answer of The following probability distribution was subjectively assessed...

Question 14

The following probability distribution was subjectively assessed for the number of sales a salesperson would make if he or she made five sales calls in one day.
  When the salesperson makes a sale,there are three possible sales levels: large,medium,and small.The probability of a large sale is 0.20 and the chance of a medium sale is 0.60.The probability on a given day that the salesperson will make one sale and that it is medium is 0.09.

Accepted Answer

The answer of The following probability distribution was subjectively assessed...

Question 15

It is correct to say that subjective probability assessments are neither right nor wrong,but are merely reflections of the state of mind of the individual making the probability assessment.

Accepted Answer

Subjective probability assessments are based on an individual's personal beliefs, experiences, and perceptions, and are not necessarily grounded in objective facts or data. Therefore, they cannot be objectively evaluated as right or wrong, but rather represent the individual's subjective assessment of the likelihood of a particular outcome.

Question 16

When a construction company bids on a contract,the events will be win or lose.The closer the probability is to 0.50,the greater the uncertainty about whether the company will win or lose the bid.

Accepted Answer

The statement is true. When the probability of winning a bid is close to 0.50, there is greater uncertainty about whether the company will win or lose.

Question 17

The following probability distribution was subjectively assessed for the number of sales a salesperson would make if he or she made five sales calls in one day.
  Given this distribution,the probability that the number of sales is more than 2 is 0.80.

Accepted Answer

The answer of The following probability distribution was subjectively assessed...

Question 18

A New Jersey company relies on a steady supply of power to keep its manufacturing going.Recently at a planning meeting,the general manager stated that the chance of a rolling blackout affecting production is 0.15.She most likely made this assessment using subjective probability assessment.

Accepted Answer

The statement uses language such as "chance" and "affecting production," which suggests the use of subjective probability assessment based on the manager's personal judgement or experience rather than objective data analysis.

Question 19

If a single die is rolled (a cube where the sides are numbered 1 through 6),the probability of rolling at least a 3 is 0.33.

Accepted Answer

The probability of rolling at least a 3 is 4/6 or 2/3, since there are four outcomes (3, 4, 5, or 6) that satisfy the condition out of six possible outcomes.

Question 20

When the salesperson makes a sale,there are three possible sales levels: large,medium,and small.The probability of a large sale is 0.20 and the chance of a medium sale is 0.60.If a salesperson makes two sales,the probability that at least one is large is 0.36.

Accepted Answer

Let L be the event of making a large sale and M be the event of making a medium sale.

So, P(L) = 0.20 and P(M) = 0.60.

Now, we need to find the probability of at least one large sale, which can happen in two ways:

1. Large sale followed by any other sale (not necessarily medium): 
Probability of this happening = P(L) x (1 - P(L)) + P(L) x P(M) 
= 0.20 x 0.80 + 0.20 x 0.60 
= 0.32

2. Medium sale followed by a large sale: 
Probability of this happening = P(M) x P(L) 
= 0.60 x 0.20 
= 0.12

So, the total probability of at least one large sale = Probability of (1) or (2) 
= 0.32 + 0.12 
= 0.44

But we are given that the probability of at least one large sale is 0.36.

Therefore, the given statement is true.

Quiz 4: Introduction to Probability

The following probability distribution was subjectively assessed for the number of sales a salesperson would make if he or she made five sales calls in one day. Given this distribution,the probability that the number of sales is 2 or 3 is 0.50.

When the salesperson makes a sale,there are three possible sales levels: large,medium,and small.The probability of a large sale is 0.20 and the chance of a medium sale is 0.60.Thus,when a sale is made,the chance of it being a small sale is 0.20.

Suppose 10 students are enrolled in a class and the probability of at least 8 showing up on a given day is 90 percent.Then the probability of 7 or fewer showing that day is 10 percent.

Sometime it is necessary to assign probabilities based on a person's belief that an outcome will occur.

Mutually exclusive means that the occurrence of event A has no effect on the probability of the occurrence of event B,and independent means the occurrence of event A prevents the occurrence of event B.

A dam on a river that holds back a water reservoir begins to leak.Engineers say that there is a 10 percent chance of the dam breaking if repairs are not made.This is an example of classical probability.

Assume P(A)= 0.4 and P(B)= 0.2 and P(A andB)= 0.1,then the probability of P(A orB)= 0.7.

A used car lot has 15 cars.Five of these cars were manufactured in the United States and the others were made in other countries.If one car is purchased at random from this car lot,the probability that it is a U.S.car is 0.33.

During the past week,of the 250 customers at the Dairy Queen who ordered a Blizzard,50 ordered strawberry.This means that of the next five Blizzard customers,exactly one will order strawberry.

The following probability distribution was subjectively assessed for the number of sales a salesperson would make if he or she made five sales calls in one day. Given this distribution,the probability that the number of sales is less than 2 is 0.15.

It is correct to say that subjective probability assessments are neither right nor wrong,but are merely reflections of the state of mind of the individual making the probability assessment.

When a construction company bids on a contract,the events will be win or lose.The closer the probability is to 0.50,the greater the uncertainty about whether the company will win or lose the bid.

The following probability distribution was subjectively assessed for the number of sales a salesperson would make if he or she made five sales calls in one day. Given this distribution,the probability that the number of sales is more than 2 is 0.80.

A New Jersey company relies on a steady supply of power to keep its manufacturing going.Recently at a planning meeting,the general manager stated that the chance of a rolling blackout affecting production is 0.15.She most likely made this assessment using subjective probability assessment.

If a single die is rolled (a cube where the sides are numbered 1 through 6),the probability of rolling at least a 3 is 0.33.

When the salesperson makes a sale,there are three possible sales levels: large,medium,and small.The probability of a large sale is 0.20 and the chance of a medium sale is 0.60.If a salesperson makes two sales,the probability that at least one is large is 0.36.