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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 subjective probability as it is based on the president's personal judgment or belief about the possibility of the company's success in marketing the new brand of ice cream.

Step by step solution

01

Identify key Information

First, take note of the key information from the problem statement, which in this scenario is the president's 'hunch' about the success probability of \(0.80\) for the company's new ice cream brand
02

Understand different types of probability

Now let's understand the different types of probability: Classical probability is determined theoretically through equally likely outcomes. Relative frequency probability is based on experiments and the frequency of the desired outcome. Subjective probability is based on one's personal judgment, belief or knowledge about an event.
03

Match the type of probability

Considering the president's belief or hunch and without any specific evidence such as past experiences or equally likely outcomes, this is a case of subjective probability. As subjective probability is based on personal judgment, belief or knowledge about an event, it perfectly matches the scenario given in the problem.

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Most popular questions from this chapter

Forty-seven employees in an office wear eyeglasses. Thirty-one have single- vision correction, and 16 wear bifocals. If two employees are selected at random from this group, what is the probability that both of them wear bifocals? What is the probability that both have single-vision correction?

Find the joint probability of \(A\) and \(B\) for the following. a. \(P(A)=.36\) and \(P(B \mid A)=.87\) b. \(P(B)=.53\) and \(P(A \mid B)=.22\)

What is meant by the joint probability of two or more events? Give one example.

A box contains 10 red marbles and 10 green marbles. a. Sampling at random from this box five times with replacement, you have drawn a red marble all five times. What is the probability of drawing a red marble the sixth time? b. Sampling at random from this box five times without replacement, you have drawn a red marble all five times. Without replacing any of the marbles, what is the probability of drawing a red marble the sixth time? c. You have tossed a fair coin five times and have obtained heads all five times. A friend argues that according to the law of averages, a tail is due to occur and, hence, the probability of obtaining a head on the sixth toss is less than \(.50 .\) Is he right? Is coin tossing mathematically equivalent to the procedure mentioned in part a or the procedure mentioned in part b above? Explain.

The probability that a student graduating from Suburban State University has student loans to pay off after graduation is .60. The probability that a student graduating from this university has student loans to pay off after graduation and is a male is \(.24\). Find the conditional probability that a randomly selected student from this university is a male given that this student has student loans to pay off after graduation.
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