What are the three main ways of assigning a probability? List four possible outcomes needed to...

What are the three main ways of assigning a probability?

List four possible outcomes needed to determine probabilities?

An experiment consists of three stages. There are three possible outcomes in the first stage, four possible outcomes in the second stage, and two possible outcomes in the third stage. What is the total number of outcomes?

A box has 12 balls. If 3 balls are randomly selected with replacement from the box, how many possible samples are there?

3 students will be selected from a tutorial class of 25 students for lucky prize. First student will get $50, second student $30 and third gets $10, how many possible outcomes are there?

A box has 20 balls. If 5 balls are randomly selected without replacement from the box, how many possible samples are there?

What are 4 types of probabilities?

The probability that price of a Economics text book (A) will increase over next semester is 0.5 while probability that the price of an Accounting text book (B) will rise over the same period is 0.7. The probability that price of both text books will rise is 0.4.

Follow the 3 steps to get the answers of the following questions:

a) What is the probability that the price of the Economics text book will not rise over the next semester?

b) What is the probability that neither book price will rise?

c) Given that the price of the Accounting text book does not rise, what is the probability that the price of the Economics text book will rise?

d) Give your opinion and justify the answer that whether price rises for two text books are mutually exclusive or not?

9. Differentiate between Discrete Random Variable and Continuous Random Variable?

10. Classify the following in either Discrete Random Variable or Continuous Random Variable and state the reason for your answer:

X = the number of students attending lab on Monday

X = the number of teachers in Oxford

X = the weight of a new born baby

X = the average number of students passed their Mid term test in a random sample of 10 tutorial classes

11. What is the probability distribution of a random variable when the coin is tossed twice describing the number of heads that turn up? Show all the steps.

12. What are the four conditions for Binomial Experiment?

13. According to the records, 30% of the businesses in US does sponsor in large scale. Just this morning 10 businesses sponsored.

What is the expected number of businesses that sponsor?

What is the standard deviation of the number of businesses that sponsor?

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Expert Solution

orchestra answered 11 months ago

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