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Chapter 4: Problem 23

The president of a company has a hunch that there is a \(.80\) probability that the company will be successful in marketing a new brand of ice cream. Is this a case of classical, relative frequency, or subjective probability? Explain why.

Short Answer

Expert verified
This is a case of a subjective probability because the president of the company is using his personal judgment or hunch to estimate the likelihood of the company's success in marketing a new brand of ice cream. There is no indication of the probability being based on past data or on an equal likelihood of outcomes which defines Relative Frequency and Classical Probabilities respectively.

Step by step solution

01

Understand the type of Probability

Based on the given information, we are looking at a situation where the president of the company has a 'hunch' or belief that there is a 0.80 probability that they will be successful. This does not fall under Classical or Relative Frequency Probability because it's not based on equal likelihood of outcomes or past data frequency respectively.
02

Identify the type of Probability

This scenario is a perfect example of Subjective Probability. In subjective probability, the probability is based on an individual's personal and subjective judgement, rather than on facts or mathematical calculations.
03

Explain why it is Subjective Probability

The given scenario is subjective probability because it is based on the president's personal judgment or intuition about the likelihood of marketing success. It's not derived from any past data or equal likelihood of outcomes which are the basis for Classical or Relative Frequency Probability.

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Most popular questions from this chapter

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