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The chair of the board of directors says, “There is a 50

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

Solution for problem 14E 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 14E

Problem 14E

The chair of the board of directors says, “There is a 50 percent chance this company will earn a profit, a 30 percent chance it will break even, and a 20 percent chance it will lose money next quarter.”

a. Use an addition rule to find the probability the company will not lose money next quarter.

b. Use the complement rule to find the probability it will not lose money next quarter.

Step-by-Step Solution:

Solution

Step 1 of 3

Let A be the event that company will earn profit

Then P(A)=0.5

Let B be the event that company will break even

Then P(B)=0.3

Let C be the event that company will lose money

Then P(C)=0.2


Step 2 of 3

Chapter 5, Problem 14E is Solved
Step 3 of 3

Textbook: Basic Statistics for Business and Economics
Edition: 7
Author: Douglas Lind; William Marchal; Samuel Wathen
ISBN: 9780077384470

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The chair of the board of directors says, “There is a 50