Purchase Solution

Rule of Probability

Not what you're looking for?

Ask Custom Question

A study of 203 advertising firms revealed their income after taxes:
Income after Taxes Number of Firms

Under $1 million 102

$1 million to $20 million 54

$20 million or more 47

(a) What is the probability an advertising firm selected at random has under $1 million in income after taxes? (Round your answer to 2 decimal places.)

Probability

(b-1) What is the probability an advertising firm selected at random has either an income between $1 million and $20 million, or an income of $20 million or more? (Round your answer to 2 decimal places.)

Probability

(b-2) What rule of probability could be applied?

Purchase this Solution
Solution Summary

Rule of Probability is evaluated.

Solution provided by:
Sandhya Sharma, MSc
Education
  • BSc, Meerut University
  • MSc, Meerut University
  • MPhil, Institute of Advanced Studies
  • MSc, AIT
Recent Feedback
  • "Perfect, thank you so much!!! I will definitely request you in the future! You are amazing!"
  • "Thank you. "
  • "Thank you so much I have two more that I need your help with if your available."
  • "Thank you, I was wondering why you rejected me the first time."
  • "Thanks again."
Purchase this Solution
Free BrainMass Quizzes
Exponential Expressions

In this quiz, you will have a chance to practice basic terminology of exponential expressions and how to evaluate them.

Solving quadratic inequalities

This quiz test you on how well you are familiar with solving quadratic inequalities.

Probability Quiz

Some questions on probability

Graphs and Functions

This quiz helps you easily identify a function and test your understanding of ranges, domains , function inverses and transformations.

Know Your Linear Equations

Each question is a choice-summary multiple choice question that will present you with a linear equation and then make 4 statements about that equation. You must determine which of the 4 statements are true (if any) in regards to the equation.

View More Free Quizzes
Related BrainMass Solutions

  • Probability that company will not lose any money next quarter

    to file the probability of the company will not lose any money next quarter, and use the complement rule to find the probability rule it will not lose money next quarter?

  • Probability

    The probability of any event is the sum of the probabilities of the outcomes that compose that event. Rule 4. If events A and B are mutually exclusive, then P(Aor B) = P(A) + P(B). Rule 5.

  • Rule of Addition in Probability

    Answer two true and false questions on normal distribution and rule of addition in probability.

  • Empirical Rule and the Chebychev Inequality

    124334 Empirical Rule and Chebychev Inequality If Chebychev Inequality gives the lower bound for probability. For the present problem the lower bound for the probability is 0.75 and actual probability is 0.87.

  • Probability Rules in Addition, Multiplication and Events

    382145 Probability questions: rule of addition and multiplication, independent events Please helps with the following problem. 1.)

  • Probability

    what rule of probability was applied?

  • Rule of 68-95-99.7

    Please put this as an example in the rule of 68-95-99.7 (please be specific) In addition, what is the probability of me enrolling more students?

  • Expected profit, mean-variance, maximin, maximax

    For the above payoff matrix, suppose the manager has no idea about the probability of any of the three prices occuring. If the maximax rule is used how much will the firm produce?

  • Probability of movie sales

    The sum rule of probability states that the probability of the occurrence of one of several mutually exclusive events is the sum of the probabilities of the individual events.

View More Related Solutions