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Probability

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The Springfield Kings (a professional basketball team), has won 12 of its last 20 games and is expected to continue winning at the same percentage rate. The team's ticket manager is anxious to attract a large crowd to tomorrow's game but believes that depends on how well the Kings perform tonight against the Galveston Comets. He assesses the probability of drawing a large crowd to be .90 should the team win tonight. What is the probability that the team wins tonight and that there will be a large crowd at tomorrow's game?

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the team has won 12/20 games - that 60 % of their games (12/20 = ...

$2.19
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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)?

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