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a. To calculate: The probability that Lauren’s next drink will be diet coke, Lemonade, and Root beer. The probability of having a diet Coke is 17 25 . The probability of having a lemonade is 3 25 . The probability of having a Root beer is 5 25 Given Information: Number of diet cokes = 17 Number of lemonades = 3 Number of Root beer = 5 Formula used: The formula to compute the probability of an event is: P Event = Number of favorable outcomes Total outcomes Calculation: The probabilities are calculated as: P Diet coke = Number of diet cokes Total cokes = 17 17 + 3 + 5 = 17 25 P Lemonades = Number of Lemonades Total cokes = 3 17 + 3 + 5 = 3 25 P Root beer = Number of Root beer Total cokes = 5 17 + 3 + 5 = 5 25 The probabilities are 17 25 , 3 25 and 5 25 respectively. b. To find: The concept of probability that is being used in this case. Empirical probability is being used here. Empirical probability is being used here because it is a type of probability that is based on actual observations or data. It is calculated by dividing the number of times an event occurred by the total number of observations or trials and here probabilities are calculated based on the available prior results. Hence, the empirical probability is applied here.

a. To calculate: The probability that Lauren’s next drink will be diet coke, Lemonade, and Root beer. The probability of having a diet Coke is 17 25 . The probability of having a lemonade is 3 25 . The probability of having a Root beer is 5 25 Given Information: Number of diet cokes = 17 Number of lemonades = 3 Number of Root beer = 5 Formula used: The formula to compute the probability of an event is: P Event = Number of favorable outcomes Total outcomes Calculation: The probabilities are calculated as: P Diet coke = Number of diet cokes Total cokes = 17 17 + 3 + 5 = 17 25 P Lemonades = Number of Lemonades Total cokes = 3 17 + 3 + 5 = 3 25 P Root beer = Number of Root beer Total cokes = 5 17 + 3 + 5 = 5 25 The probabilities are 17 25 , 3 25 and 5 25 respectively. b. To find: The concept of probability that is being used in this case. Empirical probability is being used here. Empirical probability is being used here because it is a type of probability that is based on actual observations or data. It is calculated by dividing the number of times an event occurred by the total number of observations or trials and here probabilities are calculated based on the available prior results. Hence, the empirical probability is applied here.

Business Analytics

Business Analytics

3rd Edition

ISBN: 9780135231678

Author: Evans, James R. (james Robert)

Publisher: PEARSON EDUCATION (COLLEGE)

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