Concept explainers
Business: Customers John runs a computer software store. Yesterday hecounted 127 people who walked by his store, 58 of whom came into the store.Of the 58, only 25 bought something in the store.
(a) Estimate the
(b) Estimate the probability that a person who walks into the store will buy something.
(c) Estimate the probability that a person who walks by the store will come in and buy something.
(d) Estimate the probability that a person who comes into the store will buy nothing.
(a)
To find: The estimated probability that a person, who walks by the store, will enter the store.
Answer to Problem 23P
Solution: The estimated probability is 0.46.
Explanation of Solution
Given: 127 people walked by the store, 58 of them entered the store. Out of 58, 25 of them bought something.
Calculation:
The provided values can be tabulated as follows:
The formula that is used to assign probability is:
Substitute the provided values in the above formula to find the desired value of probability.
The required probability can be calculated as follows:
The required probability is 0.46.
Interpretation: There is a 46% chance that a person, who walks by the store, will enter the store.
(b)
To find: The estimated probability
Answer to Problem 23P
Solution: The estimated probability is 0.43.
Explanation of Solution
Given: 127 people walked by the store, 58 of them came into the store. Out of 58, 25 of them bought something.
Calculation:
The provided values can be tabulated as follows:
The formula that is used to assign probability is:
Substitute the provided values in the above formula to find the desired value of probability.
The required probability can be calculated as follows:
The required probability is 0.43.
Interpretation: There is a 43% chance that a person, who walks into the store, will buy something.
(c)
To find: The estimated probability
Answer to Problem 23P
Solution: The estimated probability value is 0.20.
Explanation of Solution
Given: Consider the calculated probabilities from part (a) and (b). The values are:
Calculation: Consider any two independent events A and B. The formula to calculate the probability that two independent events will occur together is given as,
Here, entering the store and buying something after entering are independent events.
So, the required probability can be calculated as follows:
The required probability is 0.20.
Interpretation: There is a 20% chance that a person who walks by the store will come in and buy something from the store.
(d)
To find: The estimated probability
Answer to Problem 23P
Solution: The estimated probability is 0.57.
Explanation of Solution
Given: 127 people walked by the store, 58 of them came into the store. Out of 58, 25 of them bought something.
Calculation:
The provided values can be tabulated as follows:
The formula that is used to assign probability is:
Substitute the provided values in the above formula to find the desired value of probability.
The required probability can be calculated as follows:
The required probability is 0.57.
Interpretation: There is a 57% chance that a person who comes into the store will buy nothing.
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Chapter 5 Solutions
UNDERSTANDING BASIC STAT LL BUND >A< F
- Algebra and Trigonometry (MindTap Course List)AlgebraISBN:9781305071742Author:James Stewart, Lothar Redlin, Saleem WatsonPublisher:Cengage Learning