Probability in the Business
Flashcard maker : Lily Taylor
If a letter of the alphabet is chosen at random, what is the probability that it will be a vowel? (Y is not a vowel.)
Perry is considering trying to open a new business within the next few years, and he is doing research to determine what kind of businesses tend to be successful. So far, he has compiled two tables. The first shows the number of businesses of several types started in Perry’s city over the course of two years, and the number of those businesses which did not succeed and were forced to shut down within two years of opening. The second deals with separate records of successful new businesses, showing how much profit those new businesses turned over two years. Businesses on the boundary lines fall in the lower category.
D – The situation involving the food establishment has a probability 2.36 percentage points higher than the situation involving the financial establishment.
What is an advantage that experimental probability has over theoretical probability?
C – It is not always possible to calculate theoretical probability in complex situations, but experimental probability can be calculated any time experiments can be run.
Harold randomly selected one square tile and one round tile from the sets shown below. What is the probability that Harold selected a pink square tile, and either a red or a blue round tile?
B – 14/60
The two tables below show the success rates of several groups of businesses in a certain city. The first shows the number of businesses of several types started in Sharon’s city over the course of two years, and the number of those businesses which did not succeed and were forced to shut down within two years of opening. The second deals with separate records of successful new businesses, showing how much profit those new businesses turned over two years. Businesses on the boundary lines fall in the lower category.
D – III only
Say that you put the set of tiles shown below into a bag and conduct a series of trials in which you draw one tile randomly from the bag, record the color, and replace it. The table below shows the number of times in each set of trials that you drew a blue tile. Between the theoretical probability that you will draw a blue tile and the experimental probability that you will draw a blue tile, which is greater, and how much greater is it? Express all probabilities as percentages to two decimal places, and express differences by number of percentage points (for example, 12% is 2 percentage points greater than 10%).
C – The experimental probability is 4.06 percentage points greater than the theoretical probability.
You are the manager of a retail store, and you have been tasked with finding the return rate on a certain brand of laptop computers. You have assembled the data on the number of computers sold and the number returned over the past six months in the table below.
C – 1,743
In order to better decide how to market a new line of clothing, Mary is researching the demographics of the customers of a certain clothing store. She counted the number of customers who visited the store over the course of a month, and found out how many of the customers were high school students. Her collected data is in the table below.
B – 2,392
Which of the following is a pair of events which are dependent on one another?
B – drawing a pair of cards from a deck
Terrence is playing a game in which he will randomly select one square tile and one round tile from the tile sets shown below. Before he does so, he tries to guess which tiles he will draw. Of the four possible guesses listed below, which will give Terrence the highest chance of success?
C – green, brown, or white square tile and black or white round tile
A batch of tiles, shown below, is placed into a bag. Ariana randomly draws one tile from the bag, records it, puts it back in the bag, and draws another tile. What is the probability that Ariana will draw a purple tile first and a red tile second?
Which of the following is a pair of events which are mutually exclusive?
C – sleeping in late and waking up early
A restaurant manager wanted to get a better understanding of the tips her employees earn, so she decided to record the number of patrons her restaurant receives over the course of a week, as well as how many of those patrons left tips of at least 15%. The data she collected is in the table below.
A – Sunday
Carolyn selected a tile randomly from the set shown below. What is the probability that she selected a white tile or a tile with an even number?
D – 9/20
Lawrence decided to test the balance of his favorite six-sided die. To do so, over the course of a month, he wrote down the total number of rolls he made with it at his weekly gaming night, and how many of those rolls showed a result of six. His data may be seen in the table below. Find the experimental probability of Lawrence’s favorite die rolling a six, expressed as a percentage to two decimal places.