Statistics for Business and Economics
8th Edition
ISBN: 9780132745659
Author: Paul Newbold, William Carlson, Betty Thorne
Publisher: PEARSON
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Chapter 4.4, Problem 41E
To determine
The probability of overbooking a flight.
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You work at a mechanic shop. 40% of cars that come in have a flat tire. If there are 50 cars in the shop, what is the probability that more than 30 have a flat tire? Round to three decimal points.
A restaurant manager classifies customers as regular, occasional, or new, and finds that of all customers 50%, 40%, and 10%, respectively, fall into these categories. The manager found that wine was ordered by 70% of the regular customers, by 50% of the occasional customers, and by 30% of the new customers.a. What is the probability that a randomly chosen customer orders wine?b. If wine is ordered, what is the probability that the person ordering is a regular customer?c. If wine is ordered, what is the probability that the person ordering is an occasional customer?
Halsen, a marketing manager at Business X, has determined four possible strategies (X1, X2, X3, and X4) for promoting the Product X in London. She also knows that major competitor Product Y has 4 competitive actions (Y1, Y2, Y3 and Y4) it’s using to promote its product in London, too. Ms. Halsen has no previous knowledge that would allow her to determine probabilities of success of any of the four strategies. She formulates the matrix below to show the various Business X strategies and the resulting profit, depending on the competitive action used by Business Y. Determine which strategy Ms. Halsen should select using. Maximax, maximin or minimax regret?
Business X Strategy Business Y Strategy
Y1
Y2
Y3
Y4
X1
25
57
21
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X2
17
29
20
34
X3
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32
37
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35
27
30
35
Chapter 4 Solutions
Statistics for Business and Economics
Ch. 4.1 - Prob. 1ECh. 4.1 - Prob. 2ECh. 4.1 - Prob. 3ECh. 4.1 - Prob. 4ECh. 4.1 - Prob. 5ECh. 4.1 - Prob. 6ECh. 4.1 - Prob. 7ECh. 4.1 - Prob. 8ECh. 4.2 - Prob. 9ECh. 4.2 - Prob. 10E
Ch. 4.2 - Show the probability distribution function of the...Ch. 4.2 - Prob. 12ECh. 4.2 - Prob. 13ECh. 4.2 - Prob. 14ECh. 4.3 - Prob. 15ECh. 4.3 - Prob. 16ECh. 4.3 - Prob. 17ECh. 4.3 - Prob. 18ECh. 4.3 - Prob. 19ECh. 4.3 - Prob. 20ECh. 4.3 - Prob. 21ECh. 4.3 - Prob. 22ECh. 4.3 - Prob. 23ECh. 4.3 - Prob. 24ECh. 4.3 - Prob. 25ECh. 4.3 - Prob. 26ECh. 4.3 - A store owner stocks an out-of-town newspaper that...Ch. 4.3 - Prob. 28ECh. 4.3 - Prob. 29ECh. 4.4 - Prob. 30ECh. 4.4 - Prob. 31ECh. 4.4 - Prob. 32ECh. 4.4 - Prob. 33ECh. 4.4 - Prob. 34ECh. 4.4 - Prob. 35ECh. 4.4 - Prob. 36ECh. 4.4 - Prob. 37ECh. 4.4 - Prob. 38ECh. 4.4 - Prob. 39ECh. 4.4 - Prob. 40ECh. 4.4 - Prob. 41ECh. 4.4 - Prob. 42ECh. 4.4 - Prob. 43ECh. 4.4 - Prob. 44ECh. 4.4 - Prob. 45ECh. 4.4 - Prob. 46ECh. 4.4 - Prob. 47ECh. 4.4 - Prob. 48ECh. 4.4 - A company receives large shipments of parts from...Ch. 4.5 - Prob. 50ECh. 4.5 - Prob. 51ECh. 4.5 - Prob. 52ECh. 4.5 - Prob. 53ECh. 4.5 - Prob. 54ECh. 4.5 - Prob. 55ECh. 4.5 - Prob. 56ECh. 4.5 - Prob. 57ECh. 4.5 - Prob. 58ECh. 4.5 - Prob. 59ECh. 4.5 - Prob. 60ECh. 4.5 - Prob. 61ECh. 4.5 - Prob. 62ECh. 4.6 - Compute the probability of 7 successes in a random...Ch. 4.6 - Compute the probability of 9 successes in a random...Ch. 4.6 - Compute the probability of 3 successes in a random...Ch. 4.6 - Compute the probability of 8 successes in a random...Ch. 4.6 - Prob. 67ECh. 4.6 - Prob. 68ECh. 4.6 - Prob. 69ECh. 4.6 - Prob. 70ECh. 4.7 - Prob. 71ECh. 4.7 - Prob. 72ECh. 4.7 - Prob. 73ECh. 4.7 - Prob. 74ECh. 4.7 - Prob. 75ECh. 4.7 - Prob. 76ECh. 4.7 - Prob. 77ECh. 4.7 - Prob. 78ECh. 4.7 - Prob. 79ECh. 4.7 - Prob. 80ECh. 4.7 - Prob. 81ECh. 4.7 - Prob. 82ECh. 4.7 - Prob. 83ECh. 4.7 - Prob. 84ECh. 4 - Prob. 85ECh. 4 - Prob. 86ECh. 4 - Prob. 87ECh. 4 - Prob. 88ECh. 4 - Prob. 89ECh. 4 - Prob. 90ECh. 4 - Prob. 91ECh. 4 - Prob. 92ECh. 4 - Prob. 93ECh. 4 - Prob. 94ECh. 4 - Prob. 95ECh. 4 - Prob. 96ECh. 4 - Prob. 97ECh. 4 - Prob. 98ECh. 4 - Prob. 99ECh. 4 - Prob. 100ECh. 4 - Consider a country that imports steel and exports...Ch. 4 - Prob. 102ECh. 4 - Prob. 103ECh. 4 - Prob. 104ECh. 4 - Prob. 105ECh. 4 - Prob. 106E
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- Halsen, a marketing manager at Business X, has determined four possible strategies (X1, X2, X3, and X4) for promoting the Product X in London. She also knows that major competitor Product Y has 4 competitive actions (Y1, Y2, Y3 and Y4) it’s using to promote its product in London, too. Ms. Halsen has no previous knowledge that would allow her to determine probabilities of success of any of the four strategies. She formulates the matrix below to show the various Business X strategies and the resulting profit, depending on the competitive action used by Business Y. Determine which strategy Ms. Halsen should select using, the following decision criteria. Please explain your answer for each strategy. a)Maximax; b)Maximin; c)Minimax regret Business X Strategy Business Y Strategy Y1 Y2 Y3 Y4 X1 25 57 21 26 X2 17 29 20 34 X3 47 31 32 37 X4 35 27 30 35arrow_forwardIndustry standards suggest that 12 percent of new vehicles require warranty service within the first year. University Toyota in Morgantown, WV sold 10 Toyotas yesterday. What is the probability that exactly one of these vehicles will require warranty service?arrow_forwardA mutual fund company has 6 funds that invest in the U.S. market and 4 that invest in international markets. A customer wants to invest in two U.S. funds and 2 international funds.a. How many different sets of funds from this company could the investor choose?b. Unknown to this investor, one of the U.S. funds and one of the international funds will seriously underperform next year. If the investor selects funds for purchase at random, what is the probability that at least one of the chosen funds will seriously underperform next year?arrow_forward
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