Three possibilities have prior probabilities of 0.13, 0.34, and 0.53, respectively. An outcome is observed with a likelihood of 0.99, 0.27, and 0.29, respectively. What is the posterior probability of the first possibility?
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A: It is an important part of statistics. It is widely used.
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Q: An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the…
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- In a game, you have 1/33 probability of winning $121.00 and a 32/33 probability of loosing $7.00. What is your expected value?If the probability of a strong market was assessed at 0.4 that a fair market was assessed at 0.4, and the probability of a poor market was determined to be 0.2, which decision should be made based on expected values?An airline is considering adding a route to the city of Buffalo, NY. Market research predicts that if the airline serves Buffalo, there is a 32% probability of making a $500,000 profit, a 22% chance of breaking even, and a 46% probability of losing $300,000. What is the expected value of adding a route to Buffalo?
- The ebola virus has an incidence rate of 15%. If the false negative is 25% and the following false positive is 30%, then find what is the conditional probability of an individual not having ebola, given they received a negative test result? a. 0.97 b. 0.91 c. 0.94 d. 0.88The Cornbread Cafe in Eugene, Oregon, recently installed a Find the probability distribution for X. Round your new computer system that allows customers to order their answers to four decimal places. meals electronically from their tables. The manager of the restaurant claims that this new system will decrease the waiting time, and that the probability of getting a meal in less than 7 minutes (with this system in place) is 0.75. p(0) = Suppose four customers are selected at random. Let the random variable X be the number of customers who get their meal in less than 7 minutes. p(1) = p(2) = p(3) = p(4) =.............
- A diagnostic test for disease X correctly identifies the disease 95% of the time. False positives occur 12%. It is estimated that 0.18% of the population suffers from disease X. Suppose the test is applied to a random individual from the population. Compute the following probabilities. (It may help to draw a probability tree.) The percentage chance that the test will be positive = % The probability that, given a positive result, the person has disease X = %A diagnostic test for disease X correctly identifies the disease 90% of the time. False positives occur 8%. It is estimated that 5.41% of the population suffers from disease X. Suppose the test is applied to a random individual from the population. Compute the following probabilities. (It may help to draw a probability tree.) The percentage chance that the test will be positive = The probability that, given a positive result, the person has disease X =According to a recent Gallup Poll, 75% of Americans report that they are better off financially today than they were a year ago. Let p be the proportion of people in a random sample of 230 Americans that say that they are better off financially today than they were a year ago. Determine the following probabilities. Round solutions to four decimal places, if necessary . Find the probability that in a random sample of 230 Americans, less than 81% say they are better off financially today than they were a year ago. P( hat p <0.81)=; = Box Find the probability that in a random sample of 230 Americans, between 71% and 75% say they are better off financially today than they were a year ago . P(0.71< hat p <0.75)=
- Bicycles for hire at the Durban Beach front are deemed beyond repair when one or both itswheels are damaged. According to current statistics, there is an 8% chance that the front wheelgets damaged and a 12% chance the back wheel gets damaged.What is the probability that a hired bike will be deemed beyond repair, provided that the wheelsget damaged independently of each other?Use the given probability value to determine whether the sample results could easily occur by chance, then form a conclusion. A study of the effect of seatbelt use in head-on passenger car collisions found that drivers using a seatbelt had a 64.1% survival rate, while drivers not using a seatbelt had a 41.5% survival rate. If seatbelts have no effect on survival rate, there is less than a 0.0001 chance of getting these results. What do you conclude? The probability shows that the sample results ▼ could could not have easily occurred by chance. It appears that there ▼ is is not sufficient evidence to conclude that seatbelts do have an effect on survival rate.
