Assignment of probabilities to customer backgrounds

Assignment Help Basic Statistics

Reference no: EM131092668

Customer backgrounds.

A company that offers courses to prepare would-be M.B.A. students for the GMAT examination has the following information about its customers: 20% are currently undergraduate students in business; 15% are undergraduate students in other fields of study; 60% are college graduates who are currently employed; and 5% are college graduates who are not employed.

(a) This is a legitimate assignment of probabilities to customer backgrounds. Why?
(b) What percent of customers are currently undergraduates?

Reference no: EM131092668

Questions Cloud

Each of the situations below use supply elasticity : For each of the situations below use supply elasticity to explain the how the equilibrium price and quantity change. (a) The demand for collectable baseball cards from the 1950s increases. (b) The demand for silver decreases. (c) In the long run, the..

Nominal annual interest rate : A table saw costs $175 at a local store. You may either pay cash for it or pay $35 now and $12.64 a month for 12 months beginning 30 days hence. If you choose the time payment plan, what nominal annual interest rate will you be charged?

Determine the angular acceleration of the sphere : F17-16. The 20@kg sphere rolls down the inclined plane without slipping. Determine the angular acceleration of the sphere and the acceleration of its mass center.

Which treatment generates the greatest health gains : You are a member of an area prescribing committee (APC) which is reviewing the treatment options for a cancer which is universally rapidly fatal (usually within months) if not treated. From a society perspective, which treatment generates the greates..

Assignment of probabilities to customer backgrounds : A company that offers courses to prepare would-be M.B.A. students for the GMAT examination has the following information about its customers: 20% are currently undergraduate students in business; 15% are undergraduate students in other fields of ..

What will be the relation between1 2 3 t t and t : A reversible engine ‘A' absorbs energy from a reservoir at temperature 1 T and rejectsenergy to a reservoir at temperature 2 T .

Members of the strategic planning committee : Your organization's CEO is concerned that members of the strategic planning committee are not familiar with current economic thought and principles. The CEO has assigned you the task of developing an 875-word report to introduce some of these thou..

Break even point ultimate : Clam Restaurant offers two types of all-you- can eat options: regular and ultimate. Ultimate provides more choices than the regular menu. The restaurant incurs fixed costs of $9,000 per month. Its planned sales mix in units is 33% regular and 67% ult..

Contains three components from supplier : A bin contains three components from supplier A, four from supplier B, and five from supplier C. If four of the components are randomly selected for testing, what is the probability that each supplier would have at least one component tested?

User Account

All Pages