Consider a population of 3000 people, 1400 of whom are men. Assume that 700 of the women in this population earn at least $60,000 per year, and 500 of the men earn less than $60,000 per year. a. What is the probability that a randomly selected person from this population earns less than $60,000 per year? b. If a randomly selected person is observed to earn less than $60,000 per year, what is the probability that this person is a man? c. If a randomly selected person is observed to earn at least $60,000 per year, what is the probability that this person is a woman?
Consider a population of 3000 people, 1400 of whom are men. Assume that 700 of the women in this population earn at least $60,000 per year, and 500 of the men earn less than $60,000 per year. a. What is the probability that a randomly selected person from this population earns less than $60,000 per year? b. If a randomly selected person is observed to earn less than $60,000 per year, what is the probability that this person is a man? c. If a randomly selected person is observed to earn at least $60,000 per year, what is the probability that this person is a woman?
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter11: Simulation Models
Section11.5: Simulating Games Of Chance
Problem 41P: Consider the following card game. The player and dealer each receive a card from a 52-card deck. At...
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Consider a population of 3000 people, 1400 of whom are men. Assume that 700 of the women in this population earn at least $60,000 per year, and 500 of the men earn less than $60,000 per year. a. What is the probability that a randomly selected person from this population earns less than $60,000 per year?
b. If a randomly selected person is observed to earn less than $60,000 per year, what is the probability that this person is a man?
c. If a randomly selected person is observed to earn at least $60,000 per year, what is the probability that this person is a woman?
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