Concept explainers
Firm Size According to data from the U.S. Small Business Administration, the probability that a firm has to four employees given that it is a construction firs is .6930. The probability that a firm has one to four employees given that it is a manufacturing firm is .4196. The probability the firm is a construction firm is .1135, and the probability that a firm is a manufacturing firm is .0449. The probability that a firm has one to four employees is .6214. Use this information to find the probabilities for Exercises 21–24. (See Example 4.)
A firm is a construction firm given that it has one to four employees.
Want to see the full answer?
Check out a sample textbook solutionChapter 8 Solutions
MyLab Math with Pearson eText -- Standalone Access Card -- for Mathematics with Applications in the Management, Natural, and Social Sciences (12th Edition)
- Show that the probability of drawing a club at random from a standard deck of 52 playing cards is the same as the probability of drawing the ace of hearts at random from a set of four cards consisting of the aces of hearts, diamonds, clubs, and spades.arrow_forwardFind the probability of each event. Drawing 5 orange cubes from a bowl containing 5 orange cubes and 1 beige cubesarrow_forward
- Holt Mcdougal Larson Pre-algebra: Student Edition...AlgebraISBN:9780547587776Author:HOLT MCDOUGALPublisher:HOLT MCDOUGALCollege Algebra (MindTap Course List)AlgebraISBN:9781305652231Author:R. David Gustafson, Jeff HughesPublisher:Cengage Learning