probability problems
EPGDIB 2014-16 Business statistics class exercise 1
Business application problems of probability
Q1)Arthur Anderson enterprise group /National small business united ,Washington conducted a national survey of small business owners to determine the challenges for growth for their businesses. The top challenge selected by 46% of the small business owners was the economy. A close second was finding qualified workers (37%) .Suppose
15% of the small business owners selected both economy and finding qualified workers as challenges for growth .A small business owner is randomly selected.
a)what is the probability that the owner believes the economy is a challenge for the growth, if the owner believes that finding qualified workers is a challenge for growth
b)What is the probability that the owner believes that finding a qualified worker is a challenge for growth if the owner believes that economy is a challenge for growth?
c)Given that owner does not select the economy as a challenge for growth ,what is the probability that the owner believes that finding qualified workers is a challenge for growth?
d)what is the probability that owner believes neither that economy is a challenge for growth nor that finding qualified workers is a challenge for growth?
Q2) The following probability matrix contains a breakdown on the age and gender of US physicians in a recent year ,as reported by the American Medical Association.
US physicians in a recent year
Age(years)
<35
35-44
45-54
55-64
>65
Gender Male .11 .20 .19 .12 .16 .78
Female .07 .08 .04 .02 .01 .22
.18 .28 .23 .14 .17
1.00
a)What is the probability that one randomly selected physician is 35-44 years old?. b)what is the probability that one randomly selected physician is both a woman and 45-54 years old?
Business application problems of probability
Q1)Arthur Anderson enterprise group /National small business united ,Washington conducted a national survey of small business owners to determine the challenges for growth for their businesses. The top challenge selected by 46% of the small business owners was the economy. A close second was finding qualified workers (37%) .Suppose
15% of the small business owners selected both economy and finding qualified workers as challenges for growth .A small business owner is randomly selected.
a)what is the probability that the owner believes the economy is a challenge for the growth, if the owner believes that finding qualified workers is a challenge for growth
b)What is the probability that the owner believes that finding a qualified worker is a challenge for growth if the owner believes that economy is a challenge for growth?
c)Given that owner does not select the economy as a challenge for growth ,what is the probability that the owner believes that finding qualified workers is a challenge for growth?
d)what is the probability that owner believes neither that economy is a challenge for growth nor that finding qualified workers is a challenge for growth?
Q2) The following probability matrix contains a breakdown on the age and gender of US physicians in a recent year ,as reported by the American Medical Association.
US physicians in a recent year
Age(years)
<35
35-44
45-54
55-64
>65
Gender Male .11 .20 .19 .12 .16 .78
Female .07 .08 .04 .02 .01 .22
.18 .28 .23 .14 .17
1.00
a)What is the probability that one randomly selected physician is 35-44 years old?. b)what is the probability that one randomly selected physician is both a woman and 45-54 years old?