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A large company that must hire a new president prepares a

Basic Statistics for Business and Economics | 7th Edition | ISBN: 9780077384470 | Authors: Douglas Lind; William Marchal; Samuel Wathen ISBN: 9780077384470 64

Solution for problem 4E Chapter 5

Basic Statistics for Business and Economics | 7th Edition

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Basic Statistics for Business and Economics | 7th Edition | ISBN: 9780077384470 | Authors: Douglas Lind; William Marchal; Samuel Wathen

Basic Statistics for Business and Economics | 7th Edition

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Problem 4E

Problem 4E

A large company that must hire a new president prepares a final list of five candidates, all of whom are equally qualified. Two of these candidates are members of a minority group. To avoid bias in the selection of the candidate, the company decides to select the president by lottery.

a. What is the probability one of the minority candidates is hired?

b. Which concept of probability did you use to make this estimate?

Step-by-Step Solution:

Solution :

Step 1 of 2:

From the given problem we have total number of candidates is 5,

The number of candidates are members of a minority group is 2.

Our goal is :

a). We need to find the probability that one of the minority candidates is hired.

b). We need to check which concept of probability did you use to make this estimate.

a).

The probability that one of the minority candidates is hired is:

                 

                        

Therefore, The probability that one of the minority candidates is hired is 0.40.


Step 2 of 2

Chapter 5, Problem 4E is Solved
Textbook: Basic Statistics for Business and Economics
Edition: 7
Author: Douglas Lind; William Marchal; Samuel Wathen
ISBN: 9780077384470

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A large company that must hire a new president prepares a