Question 1

Hobby Shop Sales Sales records of a hobby shop showed the following number of radio controlled trucks sold weekly for each of the last 50 weeks.  ​ ​
-{Hobby Shop Sales Narrative} What is the probability of selling at least two trucks in any given week?

Accepted Answer

The answer of  Hobby Shop Sales Sales records of...

Question 2

Hobby Shop Sales Sales records of a hobby shop showed the following number of radio controlled trucks sold weekly for each of the last 50 weeks.  ​ ​
-{Hobby Shop Sales Narrative} Define the random experiment of interest to the store.

Accepted Answer

The answer of  Hobby Shop Sales Sales records of...

Question 3

The intersection of two events A and B is the event that occurs when both A and B occur.

Accepted Answer

This is the definition of the intersection of two events. It is the event where both A and B occur simultaneously.

Question 4

Two or more events are said to be independent when the occurrence of one event has no effect on the probability that another will occur.

Accepted Answer

When two events are independent, then the probability of one occurring has no effect on the probability of the other occurring. Therefore, the statement is true.

Question 5

The sample space of the toss of a balanced die is S = {1,2,3,4,5,6}.If the die is balanced,each simple event (outcome)has the same probability.Find the probability of the following events:
a.Rolling an odd number
b.Rolling a number less than or equal to 3
c.Rolling a number greater than or equal to 5
d.Rolling a number between 2 and 5,inclusive.

Accepted Answer

The answer of The sample space of the toss of...

Question 6

The conditional probability of event B given event A is denoted by P(A|B).

Accepted Answer

The correct notation for the conditional probability of event B given event A is P(B|A).

Question 7

If A and B are independent events with P(A)= 0.35 and P(B)= 0.55,then P(A|B)is 0.35/0.55 = .64.

Accepted Answer

The formula for conditional probability is P(A|B) = P(A ∩ B)/P(B). Since A and B are independent events, P(A ∩ B) = P(A)P(B) = 0.35 * 0.55 = 0.1925. Therefore, P(A|B) = 0.1925/0.55 = 0.35, not 0.64.

Question 8

Two events A and B are said to be independent if P(A|B)= P(B).

Accepted Answer

Two events A and B are said to be independent if and only if P(A and B) = P(A) x P(B). The given formula P(A|B) = P(B) is a condition for events A and B to be considered as disjoint.

Question 9

Hobby Shop Sales Sales records of a hobby shop showed the following number of radio controlled trucks sold weekly for each of the last 50 weeks.  ​ ​
-{Hobby Shop Sales Narrative} What is the probability of selling between 1 and 3 (inclusive)trucks in any given week?

Accepted Answer

The answer of  Hobby Shop Sales Sales records of...

Question 10

The union of events A and B is the event that occurs when either A or B or both occur.It is denoted as 'A or B'.

Accepted Answer

The statement correctly defines the union of events A and B.

Question 11

Hobby Shop Sales Sales records of a hobby shop showed the following number of radio controlled trucks sold weekly for each of the last 50 weeks.  ​ ​
-{Hobby Shop Sales Narrative} List the outcomes in the sample space.

Accepted Answer

The answer of  Hobby Shop Sales Sales records of...

Question 12

Mutual Fund Price ​ An investor estimates that there is a 75% chance that a particular mutual fund's price will increase to $100 per share over the next three weeks,based on past data. ​ ​
-{Mutual Fund Price Narrative} Which approach was used to produce this figure?

Accepted Answer

The answer of  Mutual Fund Price ​ An investor...

Question 13

If A and B are independent events with P(A)= .40 and P(B)= .50,then P(A and B)= .20.

Accepted Answer

The probability of both independent events A and B occurring is found by multiplying their individual probabilities: P(A and B) = P(A) * P(B) = 0.40 * 0.50 = 0.20.

Question 14

Equity Loan Rates A survey of banks estimated the following probabilities for the interest rate being charged on a equity loan based on a 30-year loan,based on past records.  ​ ​
-{Equity Loan Rates Narrative} What approach was used in estimating the probabilities for the interest rates?

Accepted Answer

The answer of  Equity Loan Rates A survey of...

Question 15

Hobby Shop Sales Sales records of a hobby shop showed the following number of radio controlled trucks sold weekly for each of the last 50 weeks.  ​ ​
-{Hobby Shop Sales Narrative} What approach would you use in determining the probabilities for next week's sales? Assign probabilities to the outcomes.

Accepted Answer

The answer of  Hobby Shop Sales Sales records of...

Question 16

Mutual Fund Price ​ An investor estimates that there is a 75% chance that a particular mutual fund's price will increase to $100 per share over the next three weeks,based on past data. ​ ​
-{Mutual Fund Price Narrative} Interpret the 75% probability.

Accepted Answer

The answer of  Mutual Fund Price ​ An investor...

Question 17

The probability of the intersection is called a joint probability.

Accepted Answer

This statement is true. The intersection of two events refers to the event that they both occur simultaneously, and the probability of this intersection is known as the joint probability.

Question 18

Equity Loan Rates A survey of banks estimated the following probabilities for the interest rate being charged on a equity loan based on a 30-year loan,based on past records.  ​ ​
-{Equity Loan Rates Narrative} What is the most common interest rate?

Accepted Answer

The answer of  Equity Loan Rates A survey of...

Question 19

There are three approaches to determining the probability that an outcome will occur: classical,relative frequency,and subjective.For each situation that follows,determine which approach is most appropriate.
a.A Russian will win the French Open Tennis Tournament next year.
b.The probability of getting any single number on a balanced die is 1/6.
c.Based on the past,it's reasonable to assume the average book sales for a certain textbook is 6,500 copies per month.

Accepted Answer

The answer of There are three approaches to determining the...

Question 20

Equity Loan Rates A survey of banks estimated the following probabilities for the interest rate being charged on a equity loan based on a 30-year loan,based on past records.  ​ ​
-{Equity Loan Rates Narrative} If a bank is selected at random from this distribution,what is the probability that the interest rate charged on a home loan exceeds 7.0%?

Accepted Answer

The answer of  Equity Loan Rates A survey of...

Quiz 6: Probability

Hobby Shop Sales Sales records of a hobby shop showed the following number of radio controlled trucks sold weekly for each of the last 50 weeks. -{Hobby Shop Sales Narrative} What is the probability of selling at least two trucks in any given week?

Hobby Shop Sales Sales records of a hobby shop showed the following number of radio controlled trucks sold weekly for each of the last 50 weeks. -{Hobby Shop Sales Narrative} Define the random experiment of interest to the store.

The intersection of two events A and B is the event that occurs when both A and B occur.

Two or more events are said to be independent when the occurrence of one event has no effect on the probability that another will occur.

The conditional probability of event B given event A is denoted by P(A|B).

If A and B are independent events with P(A)= 0.35 and P(B)= 0.55,then P(A|B)is 0.35/0.55 = .64.

Two events A and B are said to be independent if P(A|B)= P(B).

Hobby Shop Sales Sales records of a hobby shop showed the following number of radio controlled trucks sold weekly for each of the last 50 weeks. -{Hobby Shop Sales Narrative} What is the probability of selling between 1 and 3 (inclusive)trucks in any given week?

The union of events A and B is the event that occurs when either A or B or both occur.It is denoted as 'A or B'.

Hobby Shop Sales Sales records of a hobby shop showed the following number of radio controlled trucks sold weekly for each of the last 50 weeks. -{Hobby Shop Sales Narrative} List the outcomes in the sample space.

Mutual Fund Price An investor estimates that there is a 75% chance that a particular mutual fund's price will increase to $100 per share over the next three weeks,based on past data. -{Mutual Fund Price Narrative} Which approach was used to produce this figure?

If A and B are independent events with P(A)= .40 and P(B)= .50,then P(A and B)= .20.

Equity Loan Rates A survey of banks estimated the following probabilities for the interest rate being charged on a equity loan based on a 30-year loan,based on past records. -{Equity Loan Rates Narrative} What approach was used in estimating the probabilities for the interest rates?

Hobby Shop Sales Sales records of a hobby shop showed the following number of radio controlled trucks sold weekly for each of the last 50 weeks. -{Hobby Shop Sales Narrative} What approach would you use in determining the probabilities for next week's sales? Assign probabilities to the outcomes.

Mutual Fund Price An investor estimates that there is a 75% chance that a particular mutual fund's price will increase to $100 per share over the next three weeks,based on past data. -{Mutual Fund Price Narrative} Interpret the 75% probability.

The probability of the intersection is called a joint probability.

Equity Loan Rates A survey of banks estimated the following probabilities for the interest rate being charged on a equity loan based on a 30-year loan,based on past records. -{Equity Loan Rates Narrative} What is the most common interest rate?

Quiz 6: Probability

Hobby Shop Sales Sales records of a hobby shop showed the following number of radio controlled trucks sold weekly for each of the last 50 weeks. ​ ​ -{Hobby Shop Sales Narrative} What is the probability of selling at least two trucks in any given week?

Hobby Shop Sales Sales records of a hobby shop showed the following number of radio controlled trucks sold weekly for each of the last 50 weeks. ​ ​ -{Hobby Shop Sales Narrative} Define the random experiment of interest to the store.

The intersection of two events A and B is the event that occurs when both A and B occur.

Two or more events are said to be independent when the occurrence of one event has no effect on the probability that another will occur.

The conditional probability of event B given event A is denoted by P(A|B).

If A and B are independent events with P(A)= 0.35 and P(B)= 0.55,then P(A|B)is 0.35/0.55 = .64.

Two events A and B are said to be independent if P(A|B)= P(B).

Hobby Shop Sales Sales records of a hobby shop showed the following number of radio controlled trucks sold weekly for each of the last 50 weeks. ​ ​ -{Hobby Shop Sales Narrative} What is the probability of selling between 1 and 3 (inclusive)trucks in any given week?

The union of events A and B is the event that occurs when either A or B or both occur.It is denoted as 'A or B'.

Hobby Shop Sales Sales records of a hobby shop showed the following number of radio controlled trucks sold weekly for each of the last 50 weeks. ​ ​ -{Hobby Shop Sales Narrative} List the outcomes in the sample space.

Mutual Fund Price ​ An investor estimates that there is a 75% chance that a particular mutual fund's price will increase to $100 per share over the next three weeks,based on past data. ​ ​ -{Mutual Fund Price Narrative} Which approach was used to produce this figure?

If A and B are independent events with P(A)= .40 and P(B)= .50,then P(A and B)= .20.

Equity Loan Rates A survey of banks estimated the following probabilities for the interest rate being charged on a equity loan based on a 30-year loan,based on past records. ​ ​ -{Equity Loan Rates Narrative} What approach was used in estimating the probabilities for the interest rates?

Mutual Fund Price ​ An investor estimates that there is a 75% chance that a particular mutual fund's price will increase to $100 per share over the next three weeks,based on past data. ​ ​ -{Mutual Fund Price Narrative} Interpret the 75% probability.

The probability of the intersection is called a joint probability.

Equity Loan Rates A survey of banks estimated the following probabilities for the interest rate being charged on a equity loan based on a 30-year loan,based on past records. ​ ​ -{Equity Loan Rates Narrative} What is the most common interest rate?

Hobby Shop Sales Sales records of a hobby shop showed the following number of radio controlled trucks sold weekly for each of the last 50 weeks. -{Hobby Shop Sales Narrative} What is the probability of selling at least two trucks in any given week?

Hobby Shop Sales Sales records of a hobby shop showed the following number of radio controlled trucks sold weekly for each of the last 50 weeks. -{Hobby Shop Sales Narrative} Define the random experiment of interest to the store.

Hobby Shop Sales Sales records of a hobby shop showed the following number of radio controlled trucks sold weekly for each of the last 50 weeks. -{Hobby Shop Sales Narrative} What is the probability of selling between 1 and 3 (inclusive)trucks in any given week?

Hobby Shop Sales Sales records of a hobby shop showed the following number of radio controlled trucks sold weekly for each of the last 50 weeks. -{Hobby Shop Sales Narrative} List the outcomes in the sample space.

Mutual Fund Price An investor estimates that there is a 75% chance that a particular mutual fund's price will increase to $100 per share over the next three weeks,based on past data. -{Mutual Fund Price Narrative} Which approach was used to produce this figure?

Equity Loan Rates A survey of banks estimated the following probabilities for the interest rate being charged on a equity loan based on a 30-year loan,based on past records. -{Equity Loan Rates Narrative} What approach was used in estimating the probabilities for the interest rates?

Mutual Fund Price An investor estimates that there is a 75% chance that a particular mutual fund's price will increase to $100 per share over the next three weeks,based on past data. -{Mutual Fund Price Narrative} Interpret the 75% probability.

Equity Loan Rates A survey of banks estimated the following probabilities for the interest rate being charged on a equity loan based on a 30-year loan,based on past records. -{Equity Loan Rates Narrative} What is the most common interest rate?