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Probability and Decision Trees

1. A mail order company tracks the number of returns it receives each day. Information for the last 50 days shows

Number of returns Number of days

0 - 99 6
100 - 199 20
200 - 299 15
300 or more 9

a. How many sample points are there?
b. List and assign probabilities to sample points.
c. What procedure was used to assign these probabilities?

2. There are two more assignments in a class before its end, and if you get an A on at least one of them, you will get an A for the semester. Your subjective assessment of your performance is

Event Probability
A on paper and A on exam .25
A on paper only .10
A on exam only .30
A on neither .35

a. What is the probability of getting an A on the paper?
b. What is the probability of getting an A on the exam?
c. What is the probability of getting an A in the course?

3. Fold back this decision tree in the attachment - Clearly state the decision strategy you determine.

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Solution Summary

Probability Questions (calculations) and Decision Trees (folding back)

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