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Chapter 3: Q105SE (page 204)

Ownership of small businesses. According to the Journal of Business Venturing (Vol. 17, 2002), 27% of all small businesses owned by non-Hispanic whites nationwide are women-owned firms. If we select, at random, a small business owned by a non-Hispanic white, what is the probability that it is a male-owned firm?

Short Answer

Expert verified

The probability is 0.73.

Step by step solution

01

Important formula

The formula for the compliment P(AC)=1-P(A).

02

The possible probability

P(AC)=1-P(A)=1-0.27=0.73

Therefore the probability is 0.73.

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Most popular questions from this chapter

Chance of winning at “craps.” A version of the dice game“craps” is played in the following manner. A player starts by rolling two balanced dice. If the roll (the sum of the two numbers showing on the dice) results in a 7 or 11, the player wins. If the roll results in a 2 or a 3 (called craps), the player loses. For any other roll outcome, the player continues to throw the dice until the original roll outcome recurs (in which case the player wins) or until a 7 occurs

(in which case the player loses).

a. What is the probability that a player wins the game on the first roll of the dice?

b. What is the probability that a player loses the game on the first roll of the dice?

c. If the player throws a total of 4 on the first roll, what is the probability that the game ends (win or lose) on the next roll?

For two events, A and B, P(A)=.4 , P(B)= .2, and P(A/B)= .6:

a. Find P (A∩B).

b. Find P(B/A).

Colors of M&M's candies. When first produced in 1940, M&M's Plain Chocolate Candies came in only brown color. Today, M&Ms in standard bags come in six colors: brown, yellow, red, blue, orange, and green. According to Mars Corporation, 24% of all M&Ms produced are blue, 20% are orange, 16% are green, 14% are yellow, 13% are brown, and 13% are red. Suppose you purchase a randomly selected bag of M&M's Plain Chocolate Candies and randomly select one of the M&M's from the bag. The color of the selected M&M is of interest.

a. Identify the outcomes (sample points) of this experiment.

b. Assign reasonable probabilities to the outcomes, part a.

c. What is the probability that the selected M&M is brown (the original color)?

d. In 1960, the colors red, green, and yellow were added to brown M&Ms. What is the probability that the selected M&M is either red, green, or yellow?

e. In 1995, based on voting by American consumers, the color blue was added to the M&M mix. What is the probability that the selected M&M is not blue?

An experiment results in one of the following sample points: E1,E2,E3 orE4 . Find PE4for each of the following cases.

  1. PE1=0.1,PE2=0.2,PE3=0.3
  2. PE1=PE2=PE3=PE4
  3. PE1=PE2=0.1andPE3=PE4

A sample space contains six sample points and events A, B, and C as shown in the Venn diagram. The probabilities of the sample points are

P (1) = .20, P (2) = .05, P (3) = .30, P (4) = .10,P (5) = .10, P (6) = .25.

a. Which pairs of events, if any, are mutually exclusive? Why?

b. Which pairs of events, if any, are independent? Why?

c. FindP (A∪B) by adding the probability of the sample points and then using the additive rule. Verify that the answers agree. Repeat forP (A∪C)
See all solutions

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