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Considering locations at two different shopping centers

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The results of the October 3rd vote on the Emergency Stabilization Act of 2008 are shown in the table below.

Region Yes No Total

Midwest 57 42 99

Northeast 62 21 83

South 86 68 154

West 58 40 98

Total 263 171 434

a. Find the probability that a congressman voted for no.

b. Find the probability that a congressman was from the west and voted no.

c. Find the probability they voted yes given that they were from the west.

d. Find the probability that they were Midwestern if they voted no.

e. Find the probability that a congressman voted no if they were from South or West.

b)

4. I want to open a bakery and I am considering locations at two different shopping centers. Use expected value to determine which location I should use.

Location 1: According to my consultant, if the bakery is successful, I can anticipate an annual profit of $300,000. If it's not successful, I can anticipate an annual loss of $100,000. The probability of success of this location is 0.5.

Location 2: According to my consultant, if the bakery is successful, I can anticipate an annual profit of $200,000. It it's not successful, I can anticipate an annual loss of $60,000. The probability of success at this location is 0.75.

Reference no: EM131697799

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