Assignment:
Q1) The probability that a new advertising campaign will increase sales is assessed as being 0.80. The probability that cost of developing the new ad campaign can be kept within the original budget allocation is 0.40. Assuming that the two events are independent , the probability that cost is kept within budget and the campaign sales is:
A) 0.20 (B) 0.32 (C) 0.40 (D) 0.88
Q2) Health care issues are receiving much attention in both academic and political arenas. A sociologist recently conducted a survey of citizen over 60 years of age whose is too high to qualify for Medicade and have no private health insurance. The age of 25 uninsured citizen were as follows:
60 61 62 63 64 65 66 68 68 69 70 73 73
74 75 76 76 81 81 82 86 87 89 90 92
Identify the median age of the uninsured senior citizen
A) 70 years (B) 73 years (C) 74 years (D) 76 years
Q3) According to a survey of American households, the probability that the resident own 2 cars if annual household income is over $25,000 is 80%. Of the household surveyed, 60% had incomes over $25,000 and 70% had 2 cars. The probability that the residents of a household own 2 cars and have an income over $25,000 a year is
A)0.12 (B) 0.18 (C) 0.22 (D) 0.48
Q4) A recent survey of banks revealed the following distribution for the interest rate being charge on a home loan (based on a 30 year mortgage with a 10% down payment)
Interest Rate 7.0% 7.5% 8.0% 8.5% >8.5%
Probability 0.12 0.23 0.24 0.35 0.06
If a bank is selected at random from this distribution, what is the chance that the interest rate charged on a home loan will exceed 8.0%
A) 0.06 (B) 0.41 (C) 0.59 (D) 1.00
Q5) The probability that the house sales will increase in the next 6 months is estimate to be 0.25. The probability that the interest rate on housing loans will go up in the same period is estimate to be 0.74. The probability that house sales or interest rates will go up during the next 6 months is estimated to be 0.89. The events of increase in house sales and increase in interest rates in the next 6 months are:
A) statistically independent (B) mutually exclusive (C) collectively exhaustive (D) none of the above
Q6) If either event A or event B must occur, then events A and B are said to be:
A) mutually exclusive (B) statistically independent (C) collectively exhaustive (D) none of the above
Q7) A company has 2 machine that produce widgets. An older machine produces 23% defective widgets, while the new machine produces only 8% defective widgets. In addition, the new machine produces 3 times as many widgets as the older machine does. Give that a widget was produced by the new machine , what is the probability it is not defective.
A) 0.06 (B) 0.50 (C) 0.92 (D) 0.94
Q8) The employees of a company were surveyed on questions regarding their educational background and marital status. Of the 600 employees, 400 had college degrees, 100 were single, and 60 were single college graduates. The probability that an employee of the company is single or has a college degree is:
A) 0.10 (B) 0.25 (C) 0.667 (D) 0.733
Q9) Health care issues are receiving much attention in both academic and political arenas. A sociologist recently conducted a survey of citizen over 60 years of age whose is too high to qualify for Medicade and have no private health insurance. The age of 25 uninsured citizen were as follows:
60 61 62 63 64 65 66 68 68 69 70 73 73
74 75 76 76 81 81 82 86 87 89 90 92
Identify the first quartile of the ages of the uninsured senior citizen
A) 63.5 years (B) 64 years (C) 66 years (D) 68 years
Provide complete and step by step solution for the question and show calculations and use formulas.