In 2016 the Better Business Bureau settled 79% of complaints they received in the United States. Suppose you have been hired by the Better Business Burear to investigate the complaints they received this year involving new car dealers. You plan to select a sample of new car dealer complaints to estimate the proportion of complaints the Better Business Bureau is able to settle. Assume the population proportion of complaints settled for new car dealers is 0.79, the same as the overall proportion of complaints settled in 2016. Use the z-table. a. Suppose you select a sample of 200 complaints involving new car dealers. Show the sampling distribution of p. E(p) = (to 2 decimals) (to 4 decimals) b. Based upon a sample of 200 complaints, what is the probability that the sample proportion will be within 0.05 of the population proportion (to 4 decimals)? probability = c. Suppose you select a sample of 430 complaints involving new car dealers. Show the sampling distribution of p. E(p) = (to 2 decimals) OF = (to 4 decimals)
Compound Probability
Compound probability can be defined as the probability of the two events which are independent. It can be defined as the multiplication of the probability of two events that are not dependent.
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Probability theory is a branch of mathematics that deals with the subject of probability. Although there are many different concepts of probability, probability theory expresses the definition mathematically through a series of axioms. Usually, these axioms express probability in terms of a probability space, which assigns a measure with values ranging from 0 to 1 to a set of outcomes known as the sample space. An event is a subset of these outcomes that is described.
Conditional Probability
By definition, the term probability is expressed as a part of mathematics where the chance of an event that may either occur or not is evaluated and expressed in numerical terms. The range of the value within which probability can be expressed is between 0 and 1. The higher the chance of an event occurring, the closer is its value to be 1. If the probability of an event is 1, it means that the event will happen under all considered circumstances. Similarly, if the probability is exactly 0, then no matter the situation, the event will never occur.
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