Of the travelers arriving at a small airport, 40 % fly on major airlines, 40 % fly on privately owned planes, and the remainder fly on commercially owned planes not belonging to a major airline. Of those traveling on the major airlines, 80 % are traveling for business reasons, whereas 60% of those arriving on private planes and 50% of those arriving on the other commercially owned planes are traveling for business reasons. Suppose that we randomly select one person arriving at the airport. Step 1 of 3: What is the probability that the person randomly selected is traveling on business? Round your answer to two decimal places, if necessary.

Microeconomic Theory
12th Edition
ISBN:9781337517942
Author:NICHOLSON
Publisher:NICHOLSON
Chapter2: Mathematics For Microeconomics
Section: Chapter Questions
Problem 2.15P
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Of the travelers arriving at a small airport, 40 % fly on major airlines, 40 % fly on privately owned planes, and the remainder fly on commercially owned planes not
belonging to a major airline. Of those traveling on the major airlines, 80 % are traveling for business reasons, whereas 60% of those arriving on private planes and
50% of those arriving on the other commercially owned planes are traveling for business reasons. Suppose that we randomly select one person arriving at the airport.
Step 1 of 3: What is the probability that the person randomly selected is traveling on business? Round your answer to two decimal places, if necessary.
Transcribed Image Text:Of the travelers arriving at a small airport, 40 % fly on major airlines, 40 % fly on privately owned planes, and the remainder fly on commercially owned planes not belonging to a major airline. Of those traveling on the major airlines, 80 % are traveling for business reasons, whereas 60% of those arriving on private planes and 50% of those arriving on the other commercially owned planes are traveling for business reasons. Suppose that we randomly select one person arriving at the airport. Step 1 of 3: What is the probability that the person randomly selected is traveling on business? Round your answer to two decimal places, if necessary.
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