Economics and Statistics > QUESTIONS & ANSWERS > University of Hawaii, Manoa - ECON 321ECON+321+Practice+Problem+Set+4+-+Probability (All)

University of Hawaii, Manoa - ECON 321ECON+321+Practice+Problem+Set+4+-+Probability

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ECON 321 INTRODUCTION TO STATISTICS BAYBARS KARACAOVALI 1/4 PRACTICE PROBLEM SET 4: PROBABILITY 1) It is possible to have a sample space in which P(A) = 0.7, P(B) = 0.6, and P(A and B) = 0.35. Giv... en this information, would events A and B be mutually exclusive? Would they be independent? 2) If events A and B are independent, will P(A|B) be greater than, less than, or equal to P(A)? Explain. 3) A committee consists of eight members, each of whom may or may not show up for the next meeting. Assuming that the members will be making independent decisions on whether or not to attend, how many different possibilities exist for the composition of the meeting? 4) In advertising her oceanfront cottage for summer rental, a property owner can specify (i) whether or not pets are permitted, (ii) whether the rent will be $700, $900, or $1200 per week, (iii) whether or not children under 10 are allowed, and (iv) whether the maximum stay is 1, 2, or 3 weeks. How many different versions of the ad can be generated? 5) An investment counselor would like to meet with 12 of his clients on Monday, but he has time for only 8 appointments. How many different arrangements of the clients could be considered for inclusion into his limited schedule for that day? 6) A fast-food chain gives each customer a coupon, the surface of which can be scratched to reveal whether a prize will be received. The probability of winning $1000 per week for life is listed as 1 in 200,000,000, while the probability of winning a free hamburger is 1 in 15. Sheila is going to have lunch at her local franchise of the chain and [Show More]

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