BUS 204 Week 4 Quiz 4

BUS 204 Week 4 Quiz 4 | MiraCosta College

Question 1

A study was recently done in which 500 people were asked to indicate their preferences for one of three products. The following table shows the breakdown of the responses by gender of the respondents.

If the people conducting the study wish to assess the probability that product A will be preferred by members of the target population, the method of assessment to be used would most likely be:

classical probability assessment.  

relative frequency of occurrence.  

independent events.  

subjective assessment.

Question 2

When a football team plays a game, there are three outcomes that can occur: they can win, they can lose, or they can tie. The events are:

dependent events.

all inclusive.  

independent.  

mutually exclusive.

Question 3

Of the last 100 customers entering a computer shop, 25 have purchased a computer. If the classical probability assessment for computing probability is used, the probability that the next customer will purchase a computer is:

0.50  

0.25  

1.00  

0.75

Question 4

When new information is obtained which causes a decision maker to revise a prior probability asessment, a useful tool for doing this is:

Subjective Assessment  

Bayes' Theorem 

Multiplication Rules    

Addition Rules

Question 5

When the salesperson makes a sale, there are three possible sales levels: large, medium, and small. The probability of a large sale is 0.20 and the chance of a medium sale is 0.60. Thus, when a sale is made, the chance of it being a small sale is 0.20.

True  

False

Question 6

Based on weather data collected in Racine, Wisconsin, on Christmas Day, the weather had the following distribution:

Event    Relative Frequency

Clear & dry          0.20

Cloudy & dry      0.30

Rain       0.40

Snow     0.10

Based on these data, what is the probability that next Christmas will be dry?

0.70  

0.45  

0.50  

0.60