2. A research Development department at Oda manufacturing company determines that 20% of people who purchase their products during any given month will not purchase the next month. On the other hand, 30% of the people who could not purchase during any given month will purchase in the next month. On a population of 1000 people 100 purchased their products this month. How many will purchase their product. A. Next month B. In two month C. In the long run 3. The owner of shop is contemplating adding a new product which will require additional monthly payment of Br.6000, variable costs would be Br. 2 per new product & its selling price is Br. 7 each A. How many new products must be sold in order to break even? B. What would be the profit (loss) be if 1000 units were sold in a month? C. How many units must be sold to realize profit of Br. 4000?
Addition Rule of Probability
It simply refers to the likelihood of an event taking place whenever the occurrence of an event is uncertain. The probability of a single event can be calculated by dividing the number of successful trials of that event by the total number of trials.
Expected Value
When a large number of trials are performed for any random variable ‘X’, the predicted result is most likely the mean of all the outcomes for the random variable and it is known as expected value also known as expectation. The expected value, also known as the expectation, is denoted by: E(X).
Probability Distributions
Understanding probability is necessary to know the probability distributions. In statistics, probability is how the uncertainty of an event is measured. This event can be anything. The most common examples include tossing a coin, rolling a die, or choosing a card. Each of these events has multiple possibilities. Every such possibility is measured with the help of probability. To be more precise, the probability is used for calculating the occurrence of events that may or may not happen. Probability does not give sure results. Unless the probability of any event is 1, the different outcomes may or may not happen in real life, regardless of how less or how more their probability is.
Basic Probability
The simple definition of probability it is a chance of the occurrence of an event. It is defined in numerical form and the probability value is between 0 to 1. The probability value 0 indicates that there is no chance of that event occurring and the probability value 1 indicates that the event will occur. Sum of the probability value must be 1. The probability value is never a negative number. If it happens, then recheck the calculation.
Step by step
Solved in 3 steps with 3 images