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Chapter 3: Q61E (page 194)

World鈥檚 largest public companies. Forbes (May 6, 2015) surveyed the 20 largest public companies in the world. Of these 20 companies, 4 were banking or investment companies based in the United States. A total of 9 U.S. companies were on the top 20 list. Suppose we select one of these 20 companies at random. Given that the company is based in the United States, what is the probability that it is a banking or investment company?

Short Answer

Expert verified

4/9

Step by step solution

01

Step-by-Step SolutionStep 1: Investment

The devotion of an asset to achieve a gain in value through time is referred to as an investment. Investment necessitates the sacrifice of a current item, including such work, cash, as well as endeavor.

02

Finding the probability that 1 out of 20 companies is a banking or investment company

Given: Total Companies = 20

Total U.S. companies = 9

Banking or investment companies are U.S. = 4

We have to find the probability of picking 1 company that is banking or an investment company, given that it is from the U.S

Probabilty=BankingorinvestmentcompaniesisU.S.TotalU.S.companies=49=0.444

Therefore, the probability of picking U.S.-based banking or an investment company is 4/9.

= 0.444

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Most popular questions from this chapter

Social networking Web sites in the United Kingdom. In the United States, MySpace and Facebook are considered the two most popular social networking Websites. In the United Kingdom (UK), the competition for social networking is between MySpace and Bebo. According to Nielsen/ Net Ratings (April 2006), 4% of UK citizens visit MySpace, 3% visit Bebo, and 1% visit MySpace and Bebo.

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Ambulance response time.Geographical Analysis(Jan. 2010) presented a study of emergency medical service (EMS) ability to meet the demand for an ambulance. In one example, the researchers presented the following scenario. An ambulance station has one vehicle and two demand locations, A and B. The probability that the ambulance can travel to a location in under 8 minutes is .58 for location A and .42 for location B. The probability that the ambulance is busy at any point in time is .3.

a.Find the probability that EMS can meet the demand for an ambulance at location A.

b.Find the probability that EMS can meet the demand for an ambulance at location B.

Randomization in a study of TV commercials. Gonzaga University professors conducted a study of more than 1,500 television commercials and published their results in the Journal of Sociology, Social Work, and Social Welfare (Vol. 2, 2008). Commercials from eight networks鈥擜BC, FAM, FOX, MTV, ESPN, CBS, CNN, and NBC鈥攚ere sampled for 8 days, with one network randomly selected each day. The table below shows the actual order determined by random draw:

ABC鈥擩uly 6 (Wed)

FAM鈥擩uly 7 (Thr)

FOX鈥擩uly 9 (Sat)

MTV鈥擩uly 10 (Sun)

ESPN鈥擩uly 11 (Mon)

CBS鈥擩uly 12 (Tue)

CNN鈥擩uly 16 (Sat)

NBC鈥擩uly 17 (Sun)

a. What is the probability that ESPN was selected on Monday, July 11?

b. Consider the four networks chosen for the weekends (Saturday and Sunday). How many ways could the researchers select four networks from the eight for the weekend analysis of commercials? (Assume that the assignment order for the four weekend days was immaterial to the analysis.)

c. Knowing that the networks were selected at random, what is the probability that ESPN was one of the four networks selected for the weekend analysis of commercials?

Fuzzy logic in supply chain management. A branch of mathematics known as fuzzy logic was used to improve customer service in supply chain management. (Decision Analytics, February 2014.) Customers rate the importance of one service factor relative to another using the following numerical scale: 1 = service factors are equally important, 3 = one factor is moderately more important, 5 = one factor is strongly more important, 7 = one factor is very strongly more important and 9 = one factor is extremely more important. Fuzzy numbers were developed to allow for variation in customer responses. For example, the fuzzy number 1鈭紃epresents an actual response of either 1 or 3; the fuzzy number 7鈭紃epresents a response of 5, 7, or 9. Consider the probabilities of the actual responses for each fuzzy number shown in the table.

Fuzzy Response

Probabilities of Actual Responses

1~

P(1)=2/3,P(3)=1/3

3~

P(1)=1/3,P(3)=1/3,P(5)=1/3

5~

P(3)=1/3,P(5)=1/3,P(7)=1/3

7~

P(5)=1/3,P(7)=1/3,P(9)=1/3

9~

P(7)=1/3,P(9)=2/3

a. If a customer gives a fuzzy response7~, what is the probability that the actual response is not a 7?

b. If both5~9~ represent a possible fuzzy response of a customer, what are the possible actual responses for this customer?
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