QUESTION 12Based on the following figure (Weighting function), please briefly explain in one or two sentences how each of the following three individuals will react to a prospect with different probabilities:Part (a): Individual XPart (b): Individual YPart (c): IndividualPart (d): Among the three individuals (X, Y, and Z), who is more likely to purchase insurance (i.e., home content insurance or building insurance)? You only need to input X, Y or Z in your answer boxPart (e): Please briefly explain your answer to Part (d) in less than 25 word.10.90.80.70.60.50.40.30.20.10weight0X0.2For the toolbar press ALT+510 (BC) or ALTHEN+E10 (Mac)0.40.6probability0.8NSa

Given the graph of objective probability and decision weight graph.

Answered: Based on the following figure…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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In a survey, respondents were asked to indicate their favorite brand of cereal. They were only allowed one choice. What is the concept that implies it is not possible for a single respondent to state more than one brand as their favorite cereal? Choose the correct answer below. O A. independent events O B. mutually exclusive events O C. dependent events
Suppose it is known that in a certain population, 10% of the people are color-blind. If a random sample of 25 people is drawn, construct a table and a bar graph showing the probabilities of all possible outcomes (one person will be color-blind, two people will be color-blind, and so on). What is the R script to execute this problem?
State whether or not the given assignment of probabilities to individual outcomes is legitimate, that is, satisfies the rules of probability. If not, give specific reasons for your answer. Deal a card from a shuffled deck: P(clubs) = 12/52, P(diamonds) = 12/52, P(hearts) = 12/52, P(spades) = 16/52.
Suppose we know that the probabilities P(A) = .5, P(B|A) = .3 and P(A or B) =.3. What is the value for P(A and B)? What is the value for P(B)?
5. A decision maker has developed the following decision tree. How sensitive is the choice between N and P to the probabilities of states of nature U and V? N U 50 V
Examine the following table: A A Totals 200 800 1,000 - 300 700 1,000 Totals 500 1,500 2,000 a. Calculate the following probabilities: P(A), P(A), P(A\B), P(ATB), P(A B), and P(A\B). b. Show that (1) A and B. (2) A and B.(3) A and B. (4) A and B are dependent events.
Find the complement of each of the given probabilities:The complement of P(A) = 4%: = %The complement of P(~A) = 1%: = %The complement of P(A|B) = 99%: = %The complement of P(A|~B) = 43%: = %The complement of P(~A|~B) = 97%: = %
In a survey of readers of a US Weekly magazine a question was asked, “Which do you prefer: Facebook or Twitter?” There were 362 responses from females and 216 responses from males. 281 females and 98 males stated they prefer Facebook. Use proper notation to state the probabilities. (a) Create a two-way table to organize the responses to the survey. Determine the totals of the rows and columns. (b) Define events F: the survey response was from a female and T: the survey response was from a person who preferred Twitter. Create a Venn Diagram to organize the responses to the survey. (c) What is the probability that a randomly selected reader is female and prefers Twitter? (d) Of the respondents who prefer Twitter, what is the probability that the respondent is female? (e) Suppose a female reader is selected at random, what it the probability that she prefers Twitter? (f) Are the events being female and preferring Twitter independent? (g) Are the events being female and preferring…
Events whose probability of their intersection is the product of their individual probabilities and is more than 0 are called? Select one: a. complement b. mutually exclusive. c. conditional d. independent
Week 7 Homework Question Q1. There exists a deck of 15 cards contain 5 red cards, 5 blue card and 5 green cards. The cards are in a random order, and I turn them over, one at a time: Card 1, Card 2, ..., Card 15 without replacement. In this case, evaluate the following probabilities. i. Card 3 is red ii. Card 1 is red and Card 2 is not blue iii. Card 5 is blue or Card 8 is green iv. Card 2 is green given that Card 1 is green v. A colour appears more than once in the first 3 cards
4. 60% of homeowners in Northern Virginia have a weekly lawn service. Those homes with a lawn service, 55% have a sprinkler system. For those without a lawn service, 30% have a sprinkler system. (Note: you do NOT need to simplify these answers. However, you MUST express each in terms of the events/probability notation – e.g., P(A|B) =..) a. Draw a tree diagram to model the problem b. What is the probability that a randomly selected home has a sprinkler system? c. What is the probability that a randomly selected home with a sprinkler system has a lawn service? d. What is the probability that a randomly selected home with a lawn service has a sprinkler system? e. What is the probability that a randomly selected home has a lawn service? f. What is the probability that a randomly selected home that does not have a lawn service has a sprinkler system?
Kevin is hiring two interns, and all applicants are either enrolled at Reading College (R) or Beekman College (B). He randomly picks two interns from the entire set of applicants. The tree diagram below shows the probabilities of the different outcomes. Based on the diagram, what is the probability of hiring two interns from Reading College? Provide the final answer as a fraction.

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