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Ownership of small businesses. According to the Journal of Business Venturing (Vol. 17, 2002), 27% of all small businesses owned by non-Hispanic whites nationwide are women-owned firms. If we select, at random, a small business owned by a non-Hispanic white, what is the probability that it is a male-owned firm?

Short Answer

Expert verified

The probability is 0.73.

Step by step solution

01

Important formula

The formula for the compliment P(AC)=1-P(A).

02

The possible probability

P(AC)=1-P(A)=1-0.27=0.73

Therefore the probability is 0.73.

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Most popular questions from this chapter

The diagram below describes the sample space of a particular experiment and events A and B .

  1. What is this type of diagram called?
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