Example Question 1 For graded trading cards, a card is considered mint when it has a grade of 9 or higher and near-mint with a grade above 8 but below 9 (scale of 1-10). All cards are graded based on 2 factors, surface and edge condition. Both of which must be individually rated above 9 for the card to be considered mint. Looking at recently graded cards that receive a grade of 8 or above, 90% have a surface rating of 9 and above, while 80% have an edge rating of 9 and above. The grades of the recently graded cards show that 75% of the cards graded above 8 and considered to be in mint condition (graded 9 and above). (a) What is the probability that a card will have neither an edge nor a surface rating above (b) If a card has an edge rating of 9 or higher, what is the probability that it will also have a surface rating of 9 or higher?
Example Question 1 For graded trading cards, a card is considered mint when it has a grade of 9 or higher and near-mint with a grade above 8 but below 9 (scale of 1-10). All cards are graded based on 2 factors, surface and edge condition. Both of which must be individually rated above 9 for the card to be considered mint. Looking at recently graded cards that receive a grade of 8 or above, 90% have a surface rating of 9 and above, while 80% have an edge rating of 9 and above. The grades of the recently graded cards show that 75% of the cards graded above 8 and considered to be in mint condition (graded 9 and above). (a) What is the probability that a card will have neither an edge nor a surface rating above (b) If a card has an edge rating of 9 or higher, what is the probability that it will also have a surface rating of 9 or higher?
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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(a) What is the
(b) If a card has an edge rating of 9 or higher, what is the probability that it will also have a surface rating of 9 or higher?
Transcribed Image Text:Example Question 1
For graded trading cards, a card is considered mint when it has a grade of 9 or higher and near-mint
with a grade above 8 but below 9 (scale of 1-10). All cards are graded based on 2 factors, surface and
edge condition. Both of which must be individually rated above 9 for the card to be considered mint.
Looking at recently graded cards that receive a grade of 8 or above, 90% have a surface rating of 9
and above, while 80% have an edge rating of 9 and above. The grades of the recently graded cards
show that 75% of the cards graded above 8 and considered to be in mint condition (graded 9 and
above).
(a) What is the probability that a card will have neither an edge nor a surface rating above
(b) If a card has an edge rating of 9 or higher, what is the probability that it will also have a
surface rating of 9 or higher?
Expert Solution
Step 1: Determine the given variable
Given:
- For a card to be mint, it needs both an edge and a surface rating of 9 or higher.
- 90% of the cards with grades 8 and above have a surface rating of 9 and above.
- 80% of the cards with grades 8 and above have an edge rating of 9 and above.
- 75% of the cards with grades 8 and above are considered mint (both edge and surface ratings are 9 or higher).
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