Question regarding the relative frequency assessment


1. The BW company produces two models of products as shown here:

 

 

color

 

model

blue

brown

white

XB-50

445

105

330

YZ-99

40

402

75

a. Using relative frequency assessment, what is the probability that a manufactured item is brown?

b. What is the probability that the product manufactured is a YZ-99?

c. What is the joint probability that the product is a YZ-99 and brown?

2. Historically on Christmas Day the weather in Kansas has the following distribution pattern:

Event

Probability

Clear and Dry

0.4

Cloudy and Dry

0.1

Rain

0.3

Snow

0.2

a. What is the probability that next Christmas will be dry?

b. What is the probability that the next Christmas will be rainy or cloudy?

c. Given that the next Christmas is dry, determine the probability that it will also be cloudy.

3. A basketball team has 10 players: 5 are seniors, 2 are juniors, and 3 are sophomores. 2 players are randomly selected to serve as captains for each game. What is the probability that both players selected are juniors?

4. Given the following contingency table what is the probability of

a. Event A occurring

b. Event A and B occurring

 

B

B'

 

A

50

20

 

A'

20

90

 

5. Which of the following events occur with a probability of 0?

a. A voter in the US is registered as a Democrat and a Republican

b. A voter in the US is a minority and registered as a Republican

c. An automobile is both a Ford and a Chevy

d. An automobile that is a BMW is produced in the United States

6. What is the difference between mutually exclusive and collectively exhaustive events?

7. Using this sample data and relative frequency, what is the probability that an employee has 0 vacation days left?

13

0

2

0

1

3

5

2

5

1

3

0

0

1

3

3

4

3

1

28

14

2

4

0

8.  Using relative frequency, what is the probability of a sample data coming back as at least 1022?

2

339

650

864

1025

1261

1535

16

340

655

883

1028

1280

1538

88

395

669

883

1036

1290

1648

96

457

703

890

1044

1312

1653

103

478

730

934

1087

1341

1770

115

501

763

951

1091

1355

1799

124

521

788

969

1126

1357

1838

148

556

789

985

1176

1360

1864

164

583

789

993

1199

1414

1920

212

595

802

997

1199

1436

1965

265

596

822

999

1237

1479

1972

288

604

851

1018

1242

1492

2032

Using the table above and cumulative frequency, what is the probability that the sample will be less than 257?

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Finance Basics: Question regarding the relative frequency assessment
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