12th Edition

ISBN: 9781285528830

Author: David R. Anderson

Publisher: Cengage Learning US

Concept explainers

It simply refers to the likelihood of an event taking place whenever the occurrence of an event is uncertain. The probability of a single event can be calculated by dividing the number of successful trials of that event by the total number of trials.

Expected Value

When a large number of trials are performed for any random variable ‘X’, the predicted result is most likely the mean of all the outcomes for the random variable and it is known as expected value also known as expectation. The expected value, also known …

Probability Distributions

Understanding probability is necessary to know the probability distributions. In statistics, probability is how the uncertainty of an event is measured. This event can be anything. The most common examples include tossing a coin, rolling a die, or choosi…

Basic Probability

The simple definition of probability it is a chance of the occurrence of an event. It is defined in numerical form and the probability value is between 0 to 1. The probability value 0 indicates that there is no chance of that event occurring and the prob…

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Textbook Question

Chapter 4.3, Problem 25E

The U.S. Census Bureau provides data on the number of young adults, ages 18–24, who are living in their parents’ home.¹ Let

M = the event a male young adult is living in his parents’ home

F = the event a female young adult is living in her parents’ home

If we randomly select a male young adult and a female young adult, the Census Bureau data enable us to conclude P(M) = .56 and P(F) = .42 (The World Almanac, 2006). The probability that both are living in their parents’ home is .24.

a. What is the probability at least one of the two young adults selected is living in his or her parents’ home?
b. What is the probability both young adults selected are living on their own (neither is living in their parents’ home)?

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Chapter 4 Solutions

Statistics for Business & Economics

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Solution Summary: The author calculates the probability that at least one of the two young adults selected is living in his or her parent’s home.

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Chapter 4 Solutions