3. A survey if 34 students at the wall college of busines showed the following majprs: Accounting 10, finance 5, economics 3, management 6, marketing 10. Suppose you select a student and observe his or her major. A. What is the probability he or she is a management major. B. Which concept of probability did you use to make this estimate?
14. The chair of the board of director says," There is a 50 percent chance this company will earn a profit, a 30 percent chance it will break even, and a 20 percent chance it will lose money next quarter." A. use an addition rule to find the probability the company will not lose money next quarter. B, Use the complement rule to find the probability it will not lose money next quarter.
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29. Each saleperson at Ouchett, Sheets, and Hogan Insurance Agency is reated either below average, average, or above average with respect to sales ability. Each salesperson is also rated with respect to his or her potential for advancement- either fair, good, or excellent. These traits fo the 500 Salepeople where cross-classfiied into the following table. Sales ability below average, average, above average potential for advancement fair good excellent 16 12 22 45 60 45 93 72 135 A. What is the table called? B, What is the probability a salesperson selected at random will have above average sales ability and excellent potential for advancement? C. Construct a tree diagram showing all the probabilities, conditional probabilities, and joint probabilities.
Resources:Lind 2009. Statistical techniques in business and economics.
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