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A scooter factory runs three assembly lines, A, B, and C. 98.9% of line A's scooters pass inspection, while only 97.8% of line B's scooters and 98.5% of line C's scooters pass inspection. If 38% of the factory's scooters come off of assembly line A and 34% come off of assembly line B:
a) what is the probability that a randomly selected scooter passed inspection?
b) what is the probability that if a randomly selected scooter did not pass inspection, it came from assembly line B?
Assume two competitors every face important strategic decisions where payoff to each decision depends upon reactions of the competitor. Company A can select either row in the payoff matrix defined below,
The following payoff matrix represents long run payoffs for 2-duopolists faced with the option of purchasing or leasing buildings to use for production.
A famous hypnotist performs to a crowd of 350 students and 180 non-students. The hypnotist knows from previous experience that one half of the students and two third on the non-students are hypnotizable. What is the probability that a randomly cho..
Little Kona is a small coffee corporation that is planning entering a market dominated through Big Brew. Each corporation's profit depends on whether Little Kona enters and whether Big Brew sets a high price or a low price.
For a class activity, your group has been assigned the task of generating a quiz question that requires use of formula for conditional probability to compute P(B/A).
A telemarketing firm in a certain city uses a device that dials residential telephone numbers in that city at random. Of the first 100 numbers dialed, 51% are unlisted. This is not surprising because 48% of all residential phone numbers in this ci..
Assume that there are 10 pencils available of each color, and different children are allowed to choose the same color.
In a one shot game, if you promote and your rival promotes, you will earn $7 million and your rival will earn $2 million in profits.
A hat contains three coins - one gold, one silver and one copper. You will select coins one at a time without replacement until you choose the gold coin. The outcome of interest is the sequence of coins that are selected during this process.
An increasing number of consumers believe that they have to look out for themselves in the marketplace. According to a survey conducted y the Yankelovich Partners for USA Weekend magazine, 60% of all consumers have called an 800 or 900 telephone n..
While grading in a final exam, an economics professor found that two students have virtually identical answers. She is convinced two cheated but cannot prove it.
Suppose you have been offered chance to participate in a Treasure Hunt game whose rules are as follows. There are 3-colored boxes: red, green and yellow.
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