business graduate wants to get a job in any one of the top 10 accounting firms. Applying to any of these companies requires a lot of effort and paperwork and is therefore costly. She estimates the cost of applying to each of the 10 companies and the probability of getting a job offer there. These data are tabulated below. The tabulation is in the decreasing order of cost.

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
icon
Related questions
icon
Concept explainers
Topic Video
Question
business graduate wants to get a job in any one of the top 10 accounting firms. Applying to any of these companies requires a lot of effort and paperwork and is therefore costly. She estimates the cost of applying to each of the 10 companies and the probability of getting a job offer there. These data are tabulated below. The tabulation is in the decreasing order of cost.
6:37 PM O O O
all 1 64
business graduate wants to get a job in any one of the top
10 accounting firms. Applying to any of these companies
requires a lot of effort and paperwork and is therefore
costly. She estimates the cost of applying to each of the 10
companies and the probability of getting a job offer there.
These data are tabulated below. The tabulation is in the
decreasing order of cost.
1. If the graduate applies to all 10 companies, what is
the probability that she will get at least one offer?
2. If she can apply to only one company, based on cost
and success probability criteria alone, should she
apply to company 5? Why or why not?
3. If she applies to companies 2, 5, 8, and 9, what is the
total cost? What is the probability that she will get at
least one offer?
4. If she wants to be at least 75% confident of getting at
least one offer, to which companies should she apply
to minimize the total cost? (This is a trial-and-error
problem.)
5. If she is willing to spend $1,500, to which companies
should she apply to maximize her chances of getting
at least one job? (This is a trial-and-error problem.)
Company
1
2
3 4 5
6
7 8 9
Cost
$870 $600 $540 $500 $400 $320 $300 $230 $200
Probability
0.38 0.35 0.28 0.20 0.18 0.18 0.17 0.14 0.14
Status pengumpulan
Transcribed Image Text:6:37 PM O O O all 1 64 business graduate wants to get a job in any one of the top 10 accounting firms. Applying to any of these companies requires a lot of effort and paperwork and is therefore costly. She estimates the cost of applying to each of the 10 companies and the probability of getting a job offer there. These data are tabulated below. The tabulation is in the decreasing order of cost. 1. If the graduate applies to all 10 companies, what is the probability that she will get at least one offer? 2. If she can apply to only one company, based on cost and success probability criteria alone, should she apply to company 5? Why or why not? 3. If she applies to companies 2, 5, 8, and 9, what is the total cost? What is the probability that she will get at least one offer? 4. If she wants to be at least 75% confident of getting at least one offer, to which companies should she apply to minimize the total cost? (This is a trial-and-error problem.) 5. If she is willing to spend $1,500, to which companies should she apply to maximize her chances of getting at least one job? (This is a trial-and-error problem.) Company 1 2 3 4 5 6 7 8 9 Cost $870 $600 $540 $500 $400 $320 $300 $230 $200 Probability 0.38 0.35 0.28 0.20 0.18 0.18 0.17 0.14 0.14 Status pengumpulan
Expert Solution
steps

Step by step

Solved in 3 steps with 5 images

Blurred answer
Knowledge Booster
Sample space, Events, and Basic Rules of Probability
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman