Question
In: Math
B) An insurance company believes that people can be divided into two categories; those who are...
B) An insurance company believes that people can be divided into two categories; those who are accident prone and those who are not. The company’s statistics show that an accident-prone person will have a car accident within a one-year period with probability 0.4, whereas this probability decreases to 0.2 for a person who is not accident prone. The data also suggest that 30% of the population is accident prone. What is the probability that a new policyholder will have an accident within a year of purchasing the policy?
B)A spam filter is designed by looking at commonly occurring phrases in spam. Suppose that
80% of all emails sent are spam. In 10% of the spam emails, the phrase "free money" is used,
whereas this phrase is only used in 1% of non-spam emails. A new email has just arrived, which
does mention "free money". What is the probability that it is spam?
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Solutions
milcah answered 1 year agoRelated Solutions
An insurance company believes that people can be divided into two classes: those who are accident...
An insurance company believes that people can be divided into
two classes: those who are accident prone and those who are not.
Their statistics show that an accident prone person will have an
accident within a year with a probability of 0.4, whereas the
probability for a nonaccident prone person is 0.2. It is assumed
that 30% of the population is accident prone. Given that a new
policyholder has an accident within a year of purchasing a policy,
what is...
An insurance company believes that people can be divided into two classes: those who are accident-prone...
An insurance company believes that people can be divided
into two classes: those who are accident-prone and those who are
not. Their statistics show that an accident-prone person will have
an accident at some time within a fixed one-year period with
probability 0.4, whereas this probability decreases to 0.2 for a
non-accident-pron person Assume that 30% of the population is
accident-prone.
a) What is the probability that a new policyholder will
have an accident within a year of purchasing a...
Suppose that a given population can be divided into two parts: those who have a given...
Suppose that a given population can be divided into two parts:
those who have a given disease and can infect others, and those who
do not have it but are susceptible. Let x be the proportion of
susceptible individuals and y the proportion of infectious
individuals; then x + y = 1. Assume that the disease spreads by
contact between sick and well members of the population and that
the rate of spread dy∕dt is proportional to the number of...
An insurance company divided its clients into two categories, amateur and professional. The last year accident...
An insurance company divided its clients into two categories,
amateur and professional. The last year accident report shows 10%
of amateur drivers and 2.5% of professional drivers are involved in
an accident. If 15% of drivers are amateur license and 85% are
professional, find the following probabilities. For simplicity,
assume year to year accident accidents for any driver are
independent.
a) What is the probability of
accident for a driver?
b) What is the probability that
an amateur driver is...
Students who took STAT 1001 can be divided into two groups; those who attended class regularly...
Students who took STAT 1001 can be divided into two groups;
those who attended class regularly and benefited from the awesome
lecture and those who did not attend and missed out on great
information. Two independent random samples of 20 students were
taken from each group (i.e. n1 = n2 = 20), and their final exam
scores were registered. The average grades for those who attended
regularly and those who did not were 71.5% and 61.5%, respectively.
Let’s assume that...
Low Wages, High Wages, and Taxes. There are two categories of people: those that receive high...
Low Wages, High Wages, and Taxes. There are two categories of
people: those that receive high nominal wages and those that
receive low nominal wages. Denote these two nominal wages as WH
(high wages) and WL (low wages), respectively, and WH > WL .
The utility function for each person, regardless of the nominal
wage he/she receives, is identical: u (c,l) =lnc +lnl , in which,
exactly as in Chapter 2, c stands for consumption and l stands for
leisure....
Low Wages, High Wages, and Taxes. There are two categories of people: those that receive high...
Low Wages, High Wages, and Taxes. There are two categories of
people: those that receive high nominal wages and those that
receive low nominal wages. Denote these two nominal wages as WH
(high wages) and WL (low wages), respectively, and WH > WL .
The utility function for each person, regardless of the nominal
wage he/she receives, is identical: u (c,l) =lnc +lnl , in which,
exactly as in Chapter 2, c stands for consumption and l stands for
leisure....
Low Wages, High Wages, and Taxes. There are two categories of people: those that receive high...
Low Wages, High Wages, and Taxes. There are two categories of
people: those that receive high nominal wages and those that
receive low nominal wages. Denote these two nominal wages as WH
(high wages) and WL (low wages), respectively, and WH > WL .
The utility function for each person, regardless of the nominal
wage he/she receives, is identical: u (c,l) =lnc +lnl , in which,
exactly as in Chapter 2, c stands for consumption and l stands for
leisure....
Homeowners insurance policies can be divided into two sections. Describe them.
Homeowners insurance policies can be divided into two sections.
Describe them.
Please Use your keyboard (Don't use handwriting) Stat (1) An insurance company believes that people can...
Please Use your keyboard (Don't use
handwriting)
Stat
(1)
An insurance company believes that people can be divided into
two classes: those who are an accident prone and those who are not.
The company’s statistics show that an accident-prone person will
have an accident at some time within a fixed 1-year period with
probability .4, whereas this probability decreases to .2 for a
person who is not accident-prone.
(i) If we assume that 30 percent of the population is accident...
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