Stats+15A+Worksheet+2 - Stats 15A Worksheet 2...

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Unformatted text preview: Stats 15A Worksheet 2 ­Probability 1. 2. 3. 4. There are three approaches to assigning probabilities. What are they? Define them. Define Event and give an example. Define a sample set and give an example. What does it mean when two events are independent? What does independence indicate? 5. An investor tells you that in her estimation there is a 60% probability that the Dow Jones Industrial Index will increase tomorrow. a. Which approach was used to produce this figure? b. Interpret the 60% probability. 6. Four candidates are running for mayor. The four candidates are Adams, Brown, Collins, and Dalton. Determine the sample space of the results of the election. 7. The manager of a computer store has kept track of the number of computers sold per day. On the basis of this information, the manager produced the following list of the number of daily sales. Number of Computers Sold 0 1 2 3 4 5 Probability .08 .17 .26 .21 .18 .10 a. If we define the experiment as observing the number of computers sold tomorrow, determine the sample space. b. Use set notation to define the event, sell more than 3 computers; more than 1 computer. c. What is the probability of selling 5 computers? 3? 4? d. What is the probability of selling 6 computers? 8. Give me an example of an event that is not Mutually Exclusive. 9. The probability cannot be greater than what? The probability cannot be less that what? ...
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This note was uploaded on 12/12/2010 for the course ECON ECON 15A taught by Professor Rajendram.patel during the Fall '10 term at UC Irvine.

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