Statistics for Business

Topic:

1.Application of Venn Diagram

2. Probability

 

6 Questions in attached file.

MBA501 Probability

Mathematics and Statistics for Business Homework Set 6

Note:

·
Include ALL steps;

·
Use four significant digits;

·
Use a calculator;

·
Due at the beginning of next class meeting.

·
Read the statement with Extreme Care!

Name: Email:

Section 8.2 Application of Venn Diagram

Business In reviewing the portfolios of 365 of its clients, a mutual funds company categorized whether the clients were invested in international stock funds, domestic stock funds, or bond funds. It found that, (20 Points)

· 125 were invested in domestic stocks, international stocks, and bond funds;

· 145 were invested in domestic stocks and bond funds;

· 300 were invested in domestic stocks;

· 200 were invested in international and domestic stocks;

· 18 were invested in international stocks and bond funds, but not domestic stocks;

· 35 were invested in bonds, but not in international or domestic stocks;

· 87 were invested in international stocks, but not in bond funds.

a)

How many were invested in international stocks?

b)

How many were invested in bonds, but not in international stocks?

c)

How many were invested in international or domestic stocks?

Ans:

(20 Points)Social Science The number of active-duty service-women in different segments of the U.S. armed forces as of September 2006 is given in the table (Statistical Abstract of the United States: 2009):

Army (A)	Air Force (B)	Navy (C)	Marines (D)
Officers (O)	12,469	12,886	7,849	1,101
Enlisted (E)	57,835	54,957	43,400	10,049

Use this information and the letters given to find the number of female military personnel in each of the given sets.

a)
b)
c)

Section 8.3 Probability

(20 Points) Social Science Respondents for the 2006 General Social Survey (GSS) indicated the following categorizations pertaining to attendance at religious service:

Find the probability that a randomly chosen person in the United States attends religious services

a) once a year;

b) once a month;

c) Nearly every week or more frequently.

Ans:

Section 8.4 Concepts of Probability

(20 Points) Let and Find each of the given probabilities.

a)
b)
c)

d)

Ans:

(20 Points) Social Science Answers to a question on the legalization of marijuana in the 2006 General Social Survey indicated that there were 1044 females who answered the question, 336 females who favored making marijuana legal, and 672 men and women together who favored marking marijuana legal. With the entire number of males and females who answered the question being 1828, find the probability that a person is

a) Female and in favor of legalization;

b) Not in favor of legalization;

c) Male or in favor of legalization;

d) Male and not in favor of legalization/

(Hints: Draw two circles that overlap in the middle, one denoting females and the other denoting favoring legalization respectively.)

e)

Bonus:

Section 8.5 Conditional Probability and Independent Events

Question 50-53. (10 points)

The numbers of domestic and international flights for American Airlines, Continental Airlines, and United Airlines for 2007 are given in the table.

Airline

Domestic

International

Total

American

618,616

147,758

766,374

Continental

321,828

87,666

409,494

United

479,650

64,162

543,812

Total

1,420,094

299,586

1,719,680

Find the probability of the following events.

50. A Continental flight was domestic.

51. An international flight was American.

52. A United flight was international.

53. A non-American flight was international.

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