Business Finance Homework Help

Open the Excel spreadsheet, and make sure that you are on the tab for Week 3.

Answer these questions and explain what you did to solve each one.

• If one survey response was randomly selected, what is the probability that it was given by a female?
• If two responses were randomly selected, one at a time, without replacement, what is the probability that both were given by a male?
• What is the probability that a selection was over 64 dollars, given that it was a response from a female?
• What is the probability that a single random selection was over 64 dollars no matter if a male or a female made the selection?
• Search the internet for an article published in the last 18 months on how businesses use probability. Provide the title, author, and the URL. Provide a two-sentence summary of how probability is used in business.

1. Suppose that a couple will have three children. Let B represent a boy and let G represent a girl. Draw a tree diagram depicting the sample space outcomes for this experiment.

2. Explain what it means for two events to be mutually exclusive.

3. Explain what it means for two events to be independent.

4. Explain the purpose of Bayes’ Theorem.

5. Explain how the values of a discrete random variable differ from the values of a continuous random variable.

6. Classify each of the following random variables as discrete or continuous.

a. X = the number of girls born to a couple with three children

b. X = the number of defects found on a car at a final inspection

c. X = the number of incorrect lab procedures conducted at a hospital during a given week

d. X = the time needed by a clerk to complete a task

e. X = the temperature of a pizza at a given time

7. List and explain the characteristics of a binomial experiment