Economics 320 Homework 2 1. Suppose that in the packaged-serial industry, 29% of all vice presidents hold MBA degrees, 24% undergraduate business degrees, and 8% hold both. A vice president is to be selected at random. a. What is the probability that the vice president holds either an MBA or an undergraduate business degree (or both)? b. What is the probability that the vice president holds neither degree? c. What is the probability that the vice president holds one degree or the other but not both? 2. An Automatic Shaw machine fills plastic bags with a mixture of beans, broccoli and other vegetables. Most bags contain te correct weight, but because of variation in the size of the beans and other vegetables, a package might be underweight or overweight. A check of a sample of 4000 packages revealed: A (underweight) occurred on 100 packages, B(satisfactory) occurred on 3,600 packages and C (overweight) occurred on 300 packages. a.
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