Statistics for Management and Economics (Book Only)
11th Edition
ISBN: 9781337296946
Author: Gerald Keller
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 7, Problem 158CE
To determine
Calculate the probability.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Your production line has an automatic scanner to detect defects. In recent production, 2% of items have been defective. Given that an item is defective, the scanner has a 90% chance of identifying it as defective. Of the nondirective items, the scanner has a 90% chance of identifying it correctly as nondirective. Given that the scanner identifies a part as defective, find the conditional probability that the part is truly defective.
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?
Please do not give solution in image format thanku
Two Manufacturers supply food to a large cafeteria. Manufacturer A supplies 40% of the soup served in the cafeteria, while Manufacturer B supplies 60% of the soup that is served. 3% of the soup cans provided by Manufacturer A are found to be dented, while 1% of the cans provided by Manufacturer B are found to be dented. Given that a can of soup is dented, find the probability that it came from Manufacturer B.
Chapter 7 Solutions
Statistics for Management and Economics (Book Only)
Ch. 7.1 - Prob. 1ECh. 7.1 - Prob. 2ECh. 7.1 - Prob. 3ECh. 7.1 - Prob. 4ECh. 7.1 - Prob. 5ECh. 7.1 - Prob. 6ECh. 7.1 - Prob. 7ECh. 7.1 - Prob. 8ECh. 7.1 - Prob. 9ECh. 7.1 - Prob. 10E
Ch. 7.1 - Prob. 11ECh. 7.1 - Prob. 12ECh. 7.1 - Prob. 13ECh. 7.1 - Prob. 14ECh. 7.1 - Prob. 15ECh. 7.1 - Prob. 16ECh. 7.1 - Prob. 17ECh. 7.1 - Prob. 18ECh. 7.1 - Prob. 19ECh. 7.1 - Prob. 20ECh. 7.1 - Prob. 21ECh. 7.1 - Prob. 22ECh. 7.1 - Prob. 23ECh. 7.1 - Prob. 24ECh. 7.1 - Prob. 25ECh. 7.1 - Prob. 26ECh. 7.1 - Prob. 27ECh. 7.1 - Prob. 28ECh. 7.1 - Prob. 29ECh. 7.1 - Prob. 30ECh. 7.1 - Prob. 31ECh. 7.1 - Prob. 32ECh. 7.1 - Prob. 33ECh. 7.1 - Prob. 34ECh. 7.1 - Prob. 35ECh. 7.1 - Prob. 36ECh. 7.1 - Prob. 37ECh. 7.1 - Prob. 38ECh. 7.1 - Prob. 39ECh. 7.1 - Prob. 40ECh. 7.1 - Prob. 41ECh. 7.1 - Prob. 42ECh. 7.1 - Prob. 43ECh. 7.1 - Prob. 44ECh. 7.2 - Prob. 45ECh. 7.2 - Prob. 46ECh. 7.2 - Prob. 47ECh. 7.2 - Prob. 48ECh. 7.2 - Prob. 49ECh. 7.2 - Prob. 50ECh. 7.2 - Prob. 51ECh. 7.2 - Prob. 52ECh. 7.2 - Prob. 53ECh. 7.2 - Prob. 54ECh. 7.2 - Prob. 55ECh. 7.2 - Prob. 56ECh. 7.2 - Canadians who visit the United Sates often buy...Ch. 7.2 - Prob. 58ECh. 7.2 - Prob. 59ECh. 7.2 - Prob. 60ECh. 7.2 - Prob. 61ECh. 7.2 - Prob. 62ECh. 7.2 - Prob. 63ECh. 7.2 - Prob. 64ECh. 7.2 - Prob. 65ECh. 7.2 - Prob. 66ECh. 7.2 - Prob. 67ECh. 7.2 - Prob. 68ECh. 7.2 - Prob. 69ECh. 7.2 - Prob. 70ECh. 7.3 - Prob. 71ECh. 7.3 - Prob. 72ECh. 7.3 - Prob. 73ECh. 7.3 - Prob. 74ECh. 7.3 - Prob. 75ECh. 7.3 - Prob. 76ECh. 7.3 - Prob. 77ECh. 7.3 - Prob. 78ECh. 7.3 - Prob. 79ECh. 7.3 - Prob. 80ECh. 7.3 - Prob. 81ECh. 7.3 - Prob. 82ECh. 7.3 - Prob. 84ECh. 7.3 - Prob. 85ECh. 7.3 - Prob. 86ECh. 7.3 - Prob. 87ECh. 7.3 - Prob. 88ECh. 7.3 - Prob. 89ECh. 7.3 - Prob. 90ECh. 7.3 - Prob. 91ECh. 7.3 - Prob. 93ECh. 7.3 - Prob. 94ECh. 7.3 - Prob. 95ECh. 7.3 - Prob. 96ECh. 7.3 - Prob. 97ECh. 7.3 - Prob. 99ECh. 7.4 - Prob. 100ECh. 7.4 - Prob. 101ECh. 7.4 - Prob. 102ECh. 7.4 - Prob. 103ECh. 7.4 - Prob. 104ECh. 7.4 - Prob. 105ECh. 7.4 - Prob. 106ECh. 7.4 - Prob. 107ECh. 7.4 - Prob. 108ECh. 7.4 - Prob. 110ECh. 7.4 - Prob. 112ECh. 7.4 - Prob. 113ECh. 7.4 - Prob. 114ECh. 7.4 - Prob. 115ECh. 7.4 - Prob. 116ECh. 7.4 - Prob. 117ECh. 7.4 - Prob. 118ECh. 7.4 - Prob. 119ECh. 7.4 - Prob. 120ECh. 7.4 - Prob. 121ECh. 7.4 - Prob. 122ECh. 7.4 - Prob. 123ECh. 7.4 - Prob. 124ECh. 7.4 - Prob. 125ECh. 7.4 - Prob. 126ECh. 7.4 - Prob. 127ECh. 7.5 - Prob. 128ECh. 7.5 - Prob. 129ECh. 7.5 - Prob. 130ECh. 7.5 - Prob. 131ECh. 7.5 - Prob. 132ECh. 7.5 - Prob. 133ECh. 7.5 - Prob. 134ECh. 7.5 - Prob. 135ECh. 7.5 - Prob. 136ECh. 7.5 - Prob. 137ECh. 7.5 - Prob. 138ECh. 7.5 - Prob. 139ECh. 7.5 - Prob. 140ECh. 7.5 - Prob. 141ECh. 7.5 - Prob. 142ECh. 7.5 - Prob. 143ECh. 7.5 - Prob. 144ECh. 7 - Prob. 145CECh. 7 - Prob. 146CECh. 7 - Prob. 147CECh. 7 - Prob. 148CECh. 7 - Prob. 149CECh. 7 - Prob. 150CECh. 7 - Prob. 151CECh. 7 - Prob. 152CECh. 7 - Prob. 153CECh. 7 - Prob. 154CECh. 7 - Prob. 155CECh. 7 - Prob. 156CECh. 7 - Prob. 157CECh. 7 - Prob. 158CECh. 7 - Prob. 159CECh. 7 - Prob. 160CECh. 7 - Prob. 161CECh. 7 - Prob. 162CECh. 7 - Prob. 163CECh. 7 - Prob. 164CECh. 7 - Prob. 165CECh. 7 - Prob. 166CECh. 7 - Prob. 167CECh. 7 - Prob. 168CECh. 7 - Prob. 169CECh. 7 - Prob. 170CE
Knowledge Booster
Similar questions
- A class consists of 17 women and 65 men. If a student is randomly selected, what is the probability that the student is a woman?arrow_forwardYour employer, an insurance company, would like to offer theft insurance for renters. The policy would pay the full replacement value of any items that were stolen from the apartment. Some apartments have security alarms installed. Such systems detect a break-in and ring an alarm within the apartment. The insurance company estimates that the probability of a theft in a year is .05 if there is no security system and .01 if there is a security system (there cannot be more than one theft in any year). An apartment with a security system costs the renter an additional $50 per year. Assume that: the dollar loss from a theft is $10,000, the insurance company is risk neutral, and the renter would be willing to pay more than the expected loss to insure against the loss of theft. What is the insurance company's break-even price for a one-year theft insurance policy for an apartment without a security system? Does a renter have an incentive to pay for a security system if he…arrow_forwardYour employer, an insurance company, would like to offer theft insurance for renters. The policy would pay the full replacement value of any items that were stolen from the apartment. Some apartments have security alarms installed. Such systems detect a break-in and ring an alarm within the apartment. The insurance company estimates that the probability of a theft in a year is .05 if there is no security system and .01 if there is a security system (there cannot be more than one theft in any year). An apartment with a security system costs the renter an additional $50 per year. Assume that: the dollar loss from a theft is $10,000, the insurance company is risk neutral, and the renter would be willing to pay more than the expected loss to insure against the loss of theft. What is the insurance company's break-even price for a one-year theft insurance policy for an apartment without a security system? Does a renter have an incentive to pay for a security system if he…arrow_forward
- Applied Machines produces large test equipment for integrated circuits. The machines are made to order, so the production rate varies from month to month. Before shipping, each machine is subject to extensive testing. Based on the tests the machine is either passed or sent back for rework. During the past 20 months the firm has had to rework the following numbers of machines: (given) Consider the example of Applied Machines presented above. Based on the estimate of the probability that a machine is sent back for rework computed from the 20 months of data, determine the following:a. If the company produces 35 machines in one particular month, how many, on average, require rework?b. Out of 100 machines produced, what is the probability that more than 20 percent of them require rework? (Use the normal approximation to the binomial for your calculations).arrow_forwardA biometric security device using fingerprints erroneously refuses to admit 3 in 1,500 authorized persons from a facility containing classified information. The device will erroneously admit 3 in 1,005,000 unauthorized persons. Assume that 98 percent of those who seek access are authorized. If the alarm goes off and a person is refused admission, what is the probability that the person was really authorized?arrow_forwardHalf of a set of the parts are manufactured by machine A and half by machine B. Five percent of all the parts are defective. Five percent of the parts manufactured on machine A are defective. Find the probability that a part was manufactured on machine A, given that the part is defective.arrow_forward
- An investor considers investing $17,000 in the stock market. He believes that the probability is 0.22 that the economy will improve, 0.42 that it will stay the same, and 0.36 that it will deteriorate. Further, if the economy improves, he expects his investment to grow to $23,000, but it can also go down to $11,000 if the economy deteriorates. If the economy stays the same, his investment will stay at $17,000. What is the expected value of his investment?arrow_forwardA software developer makes 175 phone calls to its current customers. There is an 8 percent chance of reaching a given customer (instead of a busy signal, no answer, or answering machine). The normal approximation of the probability of reaching at least 20 customers is Multiple Choice .022 .007 .063 .937arrow_forwardThe probability that the next President will be a Democrat is 0.5, and the probability that the next President will be a woman is 0.3. The probability the next President will be a woman and a Democrat is 0.1. What is the probability the next President will be a Democrat or a woman?arrow_forward
- A company that manufactures and sells T-shirts for sporting events, is providing shirts for an upcoming tournament. Each shirt will cost $7 to produce and will be sold for $13. Any unsold shirts at the end of the tournament can be sold for $5 apiece in the near future. The company assumes the demand for the shirts will be 1,500,3,000,4,500, or 6,000. The company also estimates that the probabilities of each of these sales levels occurring will be 20%, 25%,25%, and 30%, respectively. Determine the expected monetary value of the project if the company chooses to print 4,500 shirts for the tournament. The expected monetary value is---- (Type a whole number.)arrow_forwardA local university has a student population that is 57% male. 64% of the students are undergraduates; 40% are both male and undergraduates. What is the probability that a randomly selected student is either male or an undergraduate?arrow_forwardYour company has a customer list that includes 3000 people. Your market research indicates that 90 of them responded to the coupon. If you send a coupon to ONE customer at random, what’s the probability that he or she will use the coupon? Group of answer choices 3%. 9%. 30%. 90%. None of the above.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Managerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning