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2. Apple products have become a household name in America, with 51% of all households owning at least on Apple product (CNN, March 2012). In the Midwest the likelihood of owning an Apple product is 61% for household with kids. Suppose there are 1200 households in the representative community, of which 820 are with kids and the rest are without kids. a. Are the events ?households with kids? and ?households without kids? mutually exclusive and exhaustive? Explain b. What is the probability that a household is without kids and owns an Apple product. c. What is probability that a household is without kids and does not own an Apple product? 3. An Analyst shows that next year, there is 20% chance that the world economy will be good, 50% chance that it will be neutral, and 30% chance that it will be poor. She also predicts that start-up companies’ performance will be good, neutral, Poor. The following table shows the probabilities World Economy | Probability of World Economy | Performance of Start-Up Companies | Conditional Probability of Start-ups Performance on World Economy Good | 0.20 | Good | 0.60 | | Neutral | 0.30 | | Poor | 0.10 Neutral | 0.50 | Good | 0.40 | | Neutral | 0.30 | | Poor | 0.30 Poor | 0.30 | Good | 0.20 | | Neutral | 0.30 | | Poor | 0.50 a. What is the probability that world economy will be good and that of start-ups will be poor? b. What is the probability of the performance of start-ups will be poor? 4. A marketing firm considers up to three new hires. The firm feels that there is 60% percent chance of hiring at least two candidates. There is 5% chance that it can not hire. 10% chance that have three hires. Find the expected value and the standard deviation of the number of hires. 5. 60% of a firm’s employees are men. Suppose four of the firm’s employees are selected. a. What is the random variable we can consider here? b. What is probability of finding three men and one woman? c. What is the answer for part if 75% of employees were men?

          2. Apple products have become a household name in America, with 51% of all households owning at least on Apple product (CNN, March 2012). In the Midwest the likelihood of owning an Apple product is 61% for household with kids. Suppose there are 1200 households in the representative community, of which 820 are with kids and the rest are without kids.
a. Are the events ?households with kids? and ?households without kids? mutually exclusive and exhaustive? Explain
b. What is the probability that a household is without kids and owns an Apple product.
c. What is probability that a household is without kids and does not own an Apple product?

3. An Analyst shows that next year, there is 20% chance that the world economy will be good, 50% chance that it will be neutral, and 30% chance that it will be poor. She also predicts that start-up companies’ performance will be good, neutral, Poor. The following table shows the probabilities
World Economy | Probability of World Economy | Performance of Start-Up Companies | Conditional Probability of Start-ups Performance on World Economy
Good | 0.20 | Good | 0.60
 | | Neutral | 0.30
 | | Poor | 0.10
Neutral | 0.50 | Good | 0.40
 | | Neutral | 0.30
 | | Poor | 0.30
Poor | 0.30 | Good | 0.20
 | | Neutral | 0.30
 | | Poor | 0.50

a. What is the probability that world economy will be good and that of start-ups will be poor?
b. What is the probability of the performance of start-ups will be poor?

4. A marketing firm considers up to three new hires. The firm feels that there is 60% percent chance of hiring at least two candidates. There is 5% chance that it can not hire. 10% chance that have three hires.
Find the expected value and the standard deviation of the number of hires.

5. 60% of a firm’s employees are men. Suppose four of the firm’s employees are selected.
a. What is the random variable we can consider here?
b. What is probability of finding three men and one woman?
c. What is the answer for part if 75% of employees were men?

2. Apple products have become a household name in America, with 51% of all households owning at least on Apple product (CNN, March 2012). In the Midwest the likelihood of owning an Apple product is 61% for household with kids. Suppose there are 1200 households in the representative community, of which 820 are with kids and the rest are without kids.
a. Are the events ?households with kids? and ?households without kids? mutually exclusive and exhaustive? Explain
b. What is the probability that a household is without kids and owns an Apple product.
c. What is probability that a household is without kids and does not own an Apple product?

3. An Analyst shows that next year, there is 20% chance that the world economy will be good, 50% chance that it will be neutral, and 30% chance that it will be poor. She also predicts that start-up companies’ performance will be good, neutral, Poor. The following table shows the probabilities
World Economy | Probability of World Economy | Performance of Start-Up Companies | Conditional Probability of Start-ups Performance on World Economy
Good | 0.20 | Good | 0.60
| | Neutral | 0.30
| | Poor | 0.10
Neutral | 0.50 | Good | 0.40
| | Neutral | 0.30
| | Poor | 0.30
Poor | 0.30 | Good | 0.20
| | Neutral | 0.30
| | Poor | 0.50

a. What is the probability that world economy will be good and that of start-ups will be poor?
b. What is the probability of the performance of start-ups will be poor?

4. A marketing firm considers up to three new hires. The firm feels that there is 60% percent chance of hiring at least two candidates. There is 5% chance that it can not hire. 10% chance that have three hires.
Find the expected value and the standard deviation of the number of hires.

5. 60% of a firm’s employees are men. Suppose four of the firm’s employees are selected.
a. What is the random variable we can consider here?
b. What is probability of finding three men and one woman?
c. What is the answer for part if 75% of employees were men?

Added by Lisa W.

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