Statistics for Business and Economics, Student Value Edition Plus MyLab Statistics with Pearson eText -- Access Card Package (10th Edition)
Statistics for Business and Economics, Student Value Edition Plus MyLab Statistics with Pearson eText -- Access Card Package (10th Edition)
10th Edition
ISBN: 9780134763682
Author: James T. McClave, P. George Benson, Terry T Sincich
Publisher: PEARSON
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Textbook Question
Chapter 3, Problem 3.94LM

Which of the following pairs of events are mutually exclusive? Justify your response.

  1. a. {The Dow Jones Industrial Average increases on Monday.}, {A large New York bank decreases its prime interest rate on Monday.}
  2. b. {The next sale by a PC retailer is a notebook computer}, {The next sale by a PC retailer is a desktop computer.}
  3. c. {You reinvest all your dividend income in a limited partnership.}, {You reinvest all your dividend income in a money market fund.}

a.

Expert Solution
Check Mark
To determine

To verify: Whether the pair of events are mutually exclusive or not and to justify the reason.

Answer to Problem 3.94LM

The events are not mutually exclusive.

Explanation of Solution

Given info:

The pairs of events are,

{The Dow Jones Industrial average increases on monday}{A Large New york bank decreases its prime intrest rate on monday}

Calculation:

Two events A and B are mutually exclusive if A and B have no sample points in common. That is, P(AB)=0 .

For the pairs of events is,

{The Dow Jones Industrial average increases on monday}{A Large New york bank decreases its prime intrest rate on monday}

The events are not mutually exclusive since they could occur simultaneously and have sample points in common.

b.

Expert Solution
Check Mark
To determine

To verify: Whether the pair of events are mutually exclusive or not and to justify the reason.

Answer to Problem 3.94LM

The events are mutually exclusive.

Explanation of Solution

Given info:

The pairs of events are,

{The next sale by a PC retailer is a notebook computer }{The next sale by a PC retailer is a desktop computer }

Calculation:

For the pairs of events is,

{The next sale by a PC retailer is a notebook computer }{The next sale by a PC retailer is a desktop computer }

The events are mutually exclusive since they could not occur simultaneously. That is, the next sale by a PC retailer could not be both a notebook and a desktop computer.

c.

Expert Solution
Check Mark
To determine

To verify: Whether the pair of events are mutually exclusive or not and to justify the reason.

Answer to Problem 3.94LM

The events are mutually exclusive.

Explanation of Solution

Given info:

The pairs of events are,

{Youreinvestallyourdividendincomeinalimitedpartnership}{Youreinvestallyourdividendincomeinamoneymarketfund}

Calculation:

For the pairs of events is,

{Youreinvestallyourdividendincomeinalimitedpartnership}{Youreinvestallyourdividendincomeinamoneymarketfund}

The events are mutually exclusive since they could not occur simultaneously.

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Chapter 3 Solutions

Statistics for Business and Economics, Student Value Edition Plus MyLab Statistics with Pearson eText -- Access Card Package (10th Edition)

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