Statistics for Business & Economics, Revised (MindTap Course List)
Statistics for Business & Economics, Revised (MindTap Course List)
12th Edition
ISBN: 9781285846323
Author: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran
Publisher: South-Western College Pub
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Chapter 4, Problem 46SE

The Wall Street Journal/Harris Personal Finance poll asked 2082 adults if they owned a home (All Business website, January 23, 2008). A total of 1249 survey respondents answered Yes. Of the 450 respondents in the 18–34 age group, 117 responded Yes.

  1. a. What is the probability that a respondent to the poll owned a home?
  2. b. What is the probability that a respondent in the 18–34 age group owned a home?
  3. c. What is the probability that a respondent to the poll did not own a home?
  4. d. What is the probability that a respondent in the 18–34 age group did not own a home?

a.

Expert Solution
Check Mark
To determine

Compute the probability that respondent to the poll owned a home.

Answer to Problem 46SE

The probability that respondent to the poll owned a home is 0.60.

Explanation of Solution

Calculation:

The data shows that there are a total of 2,082 adults. Total of 1,249 survey respondent answered as yes. Among the 450 respondent of age 18-34, 117 responded yes.

Event A denotes respondent to the poll owned a home.

The probability of the event can be obtained as follows:

P(A)=Number of ways event occursTotal frequency

From the data, there were a total of 2,082 adults. Among the respondent 1,249 of them answer yes. Substitute these values in the above equation.

Therefore,

P(A)=1,2492,082=0.5999=0.60

Thus, the probability that respondent to the poll owned a home is 0.60.

b.

Expert Solution
Check Mark
To determine

Compute the probability that respondent in the 18-34 age group owned a home.

Answer to Problem 46SE

The probability that respondent in the 18-34 age group owned a home is  0.26.

Explanation of Solution

Calculation:

Event B denotes respondent in the 18-34 age group owned a home.

The probability of the event can be obtained as follows:

P(B)=Number of ways event occursTotal frequency

From the data, it is clear that there are total 450 respondent of age 18-34, and 117 of them responded yes. Substitute tis values in the above equation.

Therefore,

P(B)=117450=0.26

Thus, the probability that respondent in the 18-34 age group owned a home is 0.26.

c.

Expert Solution
Check Mark
To determine

Compute the probability that respondent to the poll did not own a home.

Answer to Problem 46SE

The probability that respondent to the poll did not own a home is  0.40.

Explanation of Solution

Calculation:

Event Ac  denotes respondent to the poll did not own a home.

Complementation Rule:

For any event A the complementation rule states that,

P(Ac)=1P(A)

From part (a), P(A)=0.60 . Substitute tis values in the above equation.

Therefore,

P(Ac)=10.60=0.40

Thus, probability that respondent to the poll did not own a home is 0.40.

d.

Expert Solution
Check Mark
To determine

Compute the probability that respondent in the 18-34 age group did not own a home.

Answer to Problem 46SE

The probability that respondent in the 18-34 age group did not own a home is 0.74.

Explanation of Solution

Calculation:

Event Bc denotes respondent in the 18-34 age group did not own a home.

Complementation Rule:

For any event B the complementation rule states that,

P(Bc)=1P(B)

From part (b), P(B)=0.26 . Substitute tis values in the above equation.

Therefore,

P(Bc)=10.26=0.74

Thus, the probability that respondent in the 18-34 age group did not own a home is 0.74.

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Chapter 4 Solutions

Statistics for Business & Economics, Revised (MindTap Course List)

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