Question

In: Statistics and Probability

1a.Suppose that 60% of all adults regularly consume coffee, 40% regularly consume carbonated soda, and 65%...

1a.Suppose that 60% of all adults regularly consume coffee, 40% regularly consume carbonated soda, and 65% regularly consume at least one of these two products.

(a) What is the probability that a randomly selected adult regularly consumes both coffee and soda?

(b) What is the probability that a randomly selected adult doesn't regularly consume at least one of these two products?

1b. An insurance company offers four different deductible levels—none, low, medium, and high—for its homeowner's policyholders and three different levels—low, medium, and high—for its automobile policyholders. The accompanying table gives proportions for the various categories of policyholders who have both types of insurance. For example, the proportion of individuals with both low homeowner's deductible and low auto deductible is 0.08 (8% of all such individuals).

Homeowner's

Auto N L M H

L 0.04 0.08 0.05 0.02

M 0.07 0.09 0.20 0.10

H 0.02 0.03 0.15 0.15

Suppose an individual having both types of policies is randomly selected.

(a) What is the probability that the individual has a medium auto deductible and a high homeowner's deductible?

(b) What is the probability that the individual has a low auto deductible? A low homeowner's deductible?

auto deductible

homeowner's deductible

(c) What is the probability that the individual is in the same category for both auto and homeowner's deductibles?

(d) Based on your answer in part (c), what is the probability that the two categories are different?

(e) What is the probability that the individual has at least one low deductible level?

(f) Using the answer in part (e), what is the probability that neither deductible level is low?

Expert Solution

orchestra answered 2 years ago

Suppose that 55% of all adults regularly consume coffee, 45% regularly consume car- bonated soda, and 70% regularly consume at least one of these two products.

Suppose that 55% of all adults regularly consume coffee, 45% regularly consume car- bonated soda, and 70% regularly consume at least one of these two products. (a) What is the probability that a randomly selected adult regularly consumes both coffee and soda? (b) What is the probability that a randomly selected adult doesn't regularly consume at least one of these two products?

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