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02ex - ISOM111 Business Statistics(Fall 2010 Exercise for...

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1 ISOM111 Business Statistics (Fall 2010) Exercise for Tutorial Set 2 Probability (1) A company is considering introducing two new products A and B to the market. Suppose that the demand for each product is either high or low. When reaching the market, the probability of high demand for at least one product is 0.7. The probability of high demand for both products is 0.2. a) Find the probability that exactly one product has high demand. b) Find the probability of high demand for exactly one product given that at least one is of high demand. c) Given that the chance of high demand for product A is 0.6, what is the probability of high demand for product B? (2) Suppose the distribution of scores of ISOM111 mid-term exam is symmetrically bell-shaped with mean 65 and standard deviation 10. The instructor decides to offer 4 grades to the students, A, B, C and D. Only 2.5% of the students get As, 50% get Bs, 40% get Cs and remaining get D. a) Suggest the cut-off score for the grade “A”.

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02ex - ISOM111 Business Statistics(Fall 2010 Exercise for...

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