Reference no: EM131692114

Question: Consider the situation in problem. Three consumers are chosen randomly from among a group of potential buyers of the high-performance automobile. What is the probability that all three of them consider engineering quality to be among the most important features of the car? What is the probability that at least one of them considers this quality to be among the most important ones? How do you justify your computations?

Problem: A large foreign automaker is interested in identifying its target market in the United States. The automaker conducts a survey of potential buyers of its highperformance sports car and finds that 35% of the potential buyers consider engineering quality among the car's most desirable features and that 50% of the people surveyed consider sporty design to be among the car's most desirable features. Out of the people surveyed, 25% consider both engineering quality and sporty design to be among the car's most desirable features. Based on this information, do you believe that potential buyers' perceptions of the two features are independent? Explain.