What is the probability that either of the company shows

Question

Part -1:

Case 1. A survey was conducted among the residents of Pune City, its suburbs and the Pune Cantonment area. The following three pie diagrams show their respective preferences for living in City, Suburb and cantonment.

Case 2.

Suppose you are doing market research for a company that sells automotive accessories. You are interested in the types of cars driven by customers of a particular mall. On one particular day, you count the following types of cars in the lot:

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Family car                   Economy car               Economy car               Utility van

Family car                   Wagon                         Wagon                         Wagon

Sports car                    Economy car               Utility van                   Family car

Pickup truck                Utility van                   Sports car                    Utility van

Wagon                         Wagon                         Wagon                         Family car

Pickup truck                Utility van                   Sports car                    Utility van

Economy car               Economy car               Utility van                   Sports car

Utility van                   Sports car                   

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Questions:

1. Do you see similar preference distribution in the three groups of residents in Case Study 1? ?

2. In Case Study 1,Which residents are most happy about where they are actually living? Explain

3. In Case Study 1, Which residents are the least happy about where they are actually living? Explain

4. In Case Study 2, Prepare appropriate frequency distribution

5. In Case Study 2, Represent above data by suitable graph

Part -2:

Questions

1. In the above Venn diagram the nine sample points shown are equally likely.

State following probabilities:

P(A), P(B), P(A ∪ B)

2. In the above Venn diagram the nine sample points shown are equally likely.

Are A and B mutually exclusive and exhaustive? Justify your answer.

3. A financial record of two companies A and B are examined to determine whether each company showed a profit (P) or not (N) during the last financial year. Is this a random experiment? Justify your answer.

4. A financial record of two companies A and B are examined to determine whether each company showed a profit (P) or not (N) during the last financial year. List the simple events associated with this experiment.

5. A financial record of two companies A and B are examined to determine whether each company showed a profit (P) or not (N) during the last financial year.Suppose P(A shows profit) = 0.8 and P(B shows profit) = 0.2, what is the probability that either of the company shows profit.?

Answer 1

For all statistics problem illustrated below, read properly and as per instructions provide answers by showing all the computation part. Q1. The financial record of two companies A and B are analyzed to find out whether each company illustrated a profit (P) or not (N) throughout the last financial year. Is this an arbitrary experiment? Validate your answer. Q2. The financial record of two companies A and B are analyzed to find out whether each company illustrated a profit (P) or not (N) throughout the last financial year. List the simple events related by this experiment. Q3. The financial record of two companies A and B are analyzed to find out whether each company represented a profit (P) or not (N) throughout the last financial year. Assume P(A exhibits profit) = 0.8 and P(B exhibits profit) = 0.2, determine the probability that either of the company represents profit?