asu ecn 221 exam 1 study guide
questions and answers8
classical probability - ANSWERS -assigning probabilities based on assumption of equally likely
outcomes
relative probability - ANSWERS -assigning probabilities based on experimentation or historical
data
subjective probability - ANSWERS -assigning probabilities based on judgment
event probability - ANSWERS -collection of sample points
interquartile range - ANSWERS -Q3-Q1
interquartile range - ANSWERS -
which of the following is a measure of dispersion? - ANSWERS -interquartile range
the sum of deviations of the individual data elements from their mean is_____. - ANSWERS -
always equal to zero
the value of the sum of the squared deviations form the mean, i.e., summation(x-xbar)^2 must
always be______. - ANSWERS -at least zero
, the interquartile range is_________. - ANSWERS -the difference between the third and first
quartiles
events A and B are mutually exclusive. which of the following statements is also true? -
ANSWERS -P(A ∪ B) = P(A) + P(B)
if A and B are independent events with P(A)=0.301 and P(B)=0.253, then P(A ∩ B)=_________ -
ANSWERS -0.07615 (multiply the two numbers)
revised probabilities of events based on additional information are________. - ANSWERS -
posterior probabilites
two events with nonzero probabilities_________. - ANSWERS -cannot be both mutually
exclusive and independent
Five Cs Bank issues credit cards to its customers. In the past 3.4% of the out-of-state
nonfraudulent credit card transactions were made at gasoline stations and 9.2% of the out-of-
state fraudulent credit card transactions were made at gasoline stations. Based on historical
transactions 97.7% of out-of-state credit card transactions are legitimate while the rest of its
out-of-state credit card transactions are fraudulent. An out-of-state credit card transaction took
place at a gasoline station, what is the probability the transaction is fraudulent? - ANSWERS -
0.059886
What is the probability that a customer is in the 18-30 age group?
Product Preference age 18-30 age 31-45 age 46+
Strawberry 33 36 32
Blueberry 14 23 27 - ANSWERS -0.284848
what is the probability that a customer is in tempe or prefers chocolate or both?
questions and answers8
classical probability - ANSWERS -assigning probabilities based on assumption of equally likely
outcomes
relative probability - ANSWERS -assigning probabilities based on experimentation or historical
data
subjective probability - ANSWERS -assigning probabilities based on judgment
event probability - ANSWERS -collection of sample points
interquartile range - ANSWERS -Q3-Q1
interquartile range - ANSWERS -
which of the following is a measure of dispersion? - ANSWERS -interquartile range
the sum of deviations of the individual data elements from their mean is_____. - ANSWERS -
always equal to zero
the value of the sum of the squared deviations form the mean, i.e., summation(x-xbar)^2 must
always be______. - ANSWERS -at least zero
, the interquartile range is_________. - ANSWERS -the difference between the third and first
quartiles
events A and B are mutually exclusive. which of the following statements is also true? -
ANSWERS -P(A ∪ B) = P(A) + P(B)
if A and B are independent events with P(A)=0.301 and P(B)=0.253, then P(A ∩ B)=_________ -
ANSWERS -0.07615 (multiply the two numbers)
revised probabilities of events based on additional information are________. - ANSWERS -
posterior probabilites
two events with nonzero probabilities_________. - ANSWERS -cannot be both mutually
exclusive and independent
Five Cs Bank issues credit cards to its customers. In the past 3.4% of the out-of-state
nonfraudulent credit card transactions were made at gasoline stations and 9.2% of the out-of-
state fraudulent credit card transactions were made at gasoline stations. Based on historical
transactions 97.7% of out-of-state credit card transactions are legitimate while the rest of its
out-of-state credit card transactions are fraudulent. An out-of-state credit card transaction took
place at a gasoline station, what is the probability the transaction is fraudulent? - ANSWERS -
0.059886
What is the probability that a customer is in the 18-30 age group?
Product Preference age 18-30 age 31-45 age 46+
Strawberry 33 36 32
Blueberry 14 23 27 - ANSWERS -0.284848
what is the probability that a customer is in tempe or prefers chocolate or both?
