GM 533 Statistics

# GM 533 Statistics - 1 Question and job type Employees of a...

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1. Question : Employees of a local university have been classified according to gender and job type. If an employee is selected at random what is the probability that the employee is male? Answer: .667 2. Question : Employees of a local university have been classified according to gender and job type. If an employee is selected at random what is the probability that the employee is female given that the employee is a salaried member of staff? Answer: .625 3. Question : Joe is considering pursuing an MBA degree. He has applied to two different universities. The acceptance rate for applicants with similar qualifications is 25% for University A and 40% for University B. What is the probability that Joe will not be accepted at either university? Answer: 0.45 Instructor Explanation: (.75)(.60) = 0.45

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4. Question : In a report on high school graduation, it was stated that 85% of high
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Unformatted text preview: school students graduate. Suppose 3 high school students are randomly selected from different schools. What is the probability that all graduate? Answer: 0.614 Instructor Explanation: (.85) (.85) (.85) = 0.614 5. Question : A pharmaceutical company has determined that if a new cholesterol-reducing drug is manufactured (introduced to the market), the following probability distribution will describe this drug's contribution to the company's profits during the next six months. The company management has decided to market this product if the expected contribution to profit for the next six months is more than \$90,000. Based on the information given above, should the company begin manufacturing the new drug? Answer: No, don't begin manufacturing Instructor Explanation: (79,000 < 90,000) µx= .2(-30,000) + .5(50,000) + .3(200,000) = 79,000...
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