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Course Code:

Business Administration
Department
INSTITUTE OF ACCOUNTS, BUSINESS, AND
FINANCE
01
QUIZ
BUS STAT
Score:

BUSINESS STATISTICS

Name: ________________________________ Section: _______ Schedule: ___________

TOPIC: Introduction to Probability

A survey carried out for a supermarket classified customers according to whether their
visits to the store are frequent or infrequent and to whether they often, sometimes, or
never purchase generic products. The accompanying table gives the proportions of people
surveyed in each of the six joint classifications.

Frequency of Purchase of Generic Products


Visits Often Sometimes Never
Frequent 0.12 0.48 0.19
Infrequent 0.07 0.06 0.08

a. What is the probability that a customer is both a frequent shopper and often purchases
generic products?

b. What is the probability that a customer who never buys generic products visits the
store frequently?

c. Are the events Never buys generic products and Visits the store frequently
independent?

d. What is the probability that a customer who infrequently visits the store often buys
generic products?

e. Are the events Often buys generic products and Visits the store infrequently
independent?

f. What is the probability that a customer frequently visits the store?

g. What is the probability that a customer never buys generic products?

Prepared by: Rey G. Parcon, MBA, CFMP


FEU students are expected to exemplify Fortitude, Excellence, and Uprightness. DO NOT CHEAT!
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Course Code:
Business Administration
Department
INSTITUTE OF ACCOUNTS, BUSINESS, AND
FINANCE
01
QUIZ
BUS STAT
Score:

BUSINESS STATISTICS

h. What is the probability that a customer either frequently visits the store or never buys
generic products, or both?

TOPIC: Discrete Random Probability Distribution

1. Approximately 84% of persons age 70 to 84 live in their own household and are income-
qualified for home purchases. If four persons are randomly selected from this population,
the probability that exactly two of the four live in their own household and are income-
qualified is?

2. Let x represent the number of children in an Egyptian household. The probability


distribution of x is as follows:

a. What is the probability that a randomly selected Egyptian household will have more
than 2 children?

b. What is the probability that a randomly selected Egyptian household will have
between 2 and 4 children?

c. What is the probability that a randomly selected Egyptian household will have fewer
than 4 children?

d. Find the expected number of children in a randomly selected Egyptian household.

e. Find the standard deviation of the number of children in an Egyptian household. ANS:

Prepared by: Rey G. Parcon, MBA, CFMP


FEU students are expected to exemplify Fortitude, Excellence, and Uprightness. DO NOT CHEAT!
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Course Code:
Business Administration
Department
INSTITUTE OF ACCOUNTS, BUSINESS, AND
FINANCE
01
QUIZ
BUS STAT
Score:

BUSINESS STATISTICS

3. Let x be a Poisson random variable with = 6. Use the table of Poisson probabilities to
find: ANS (0.8472; 0.1033; 0.7149; 0.5117)

a. P(x 8)

b. P(x = 8)

c. P(x 5)

d. P(6 x 10)

Prepared by: Rey G. Parcon, MBA, CFMP


FEU students are expected to exemplify Fortitude, Excellence, and Uprightness. DO NOT CHEAT!
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