Explore BrainMass
Share

Probabilities

This content was STOLEN from BrainMass.com - View the original, and get the already-completed solution here!

An ice cream vendor sells three flavors: chocolate, strawberry, and vanilla. Forty five percent of the sales are chocolate, while 30% are strawberry, with the rest vanilla flavored. Sales are by the cone or the cup. The percentages of cones sales for chocolate, strawberry, and vanilla, are 75%, 60%, and 40%, respectively. For a randomly selected sale, define the following events:

A1 = chocolate chosen
A2 = strawberry chosen
A3= vanilla chosen
B = ice cream on a cone
Bc = ice cream in a cup

a. Find the probability that the ice cream was sold on a cone and was vanilla flavor,

b. Find the probability that the ice cream was sold in a cup.

c. Find the probability that the ice cream was strawberry flavor, given that it was sold on a cone.

d. An ice cream sold happens to be sold in a cup, what's the probability that it was chocolate flavor ?

© BrainMass Inc. brainmass.com October 24, 2018, 6:52 pm ad1c9bdddf
https://brainmass.com/economics/econometrics/probabilities-51154

Solution Summary

Probabilities are determined.

$2.19
See Also This Related BrainMass Solution

The probability

A young engineer has invented holographic mobile phones and has approached a venture capital company to invest in it. The venture capital company considers the product to be an all or nothing product: either everyone will want one because everyone else has one or no one will want one because there will be no one to use it with. The company believes that the probability that it will take off netting them a profit of $2000000 is 0.14. If it doesn't take off then they expect that they would loose $200000. They are considering using a consumer survey to gather more information. However, the company has experience that shows that the probability that the consumer survey will predict success for a product that will fail is 0.24, and the probability that the consumer survey will predict failure when the product will be a success is 0.07. What is the monetary value of the information from a consumer survey to the venture capital company in this case? (ie what is the maximum that they should spend on a consumer survey)?

View Full Posting Details