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A survey of 34 students at the Wall College of Business showed the following majors
Chapter 0, Problem 3(choose chapter or problem)
A survey of 34 students at the Wall College of Business showed the following majors: Accounting 10 Finance 5 Economics 3 Management 6 Marketing 10 Suppose you select a student and observe his or her major. a. What is the probability he or she is a management major? b. Which concept of probability did you use to make this estimate?
Questions & Answers
QUESTION:
A survey of 34 students at the Wall College of Business showed the following majors: Accounting 10 Finance 5 Economics 3 Management 6 Marketing 10 Suppose you select a student and observe his or her major. a. What is the probability he or she is a management major? b. Which concept of probability did you use to make this estimate?
ANSWER:Step 1 of 2
Probability is the chances of occurrence of events. It is the branch of mathematics that deals with the numerical description of how likely an event will occur. It is given by the probabilistic value ranging from 0 to 1, 0 being the impossibility and 1 being the certainty of the event to happen.