Reference no: EM131697799
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.