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.
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.
Chapter2: Mathematics For Microeconomics
Section: Chapter Questions
Problem 2.15P
Related questions
Question
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.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning