ASU ECN 221 EXAM 1 STUDY GUIDE UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Question 1.
a marketing manager instructs his team to make 80 telephone calls to attempt to sell an insurance
policy. the random variable in this experiment is the number of sales made. this random variable is a
______________.
ANSWER
discrete random variable
Question 2.
The random variable x is the number of occurrences of an event over an interval of 10 minutes. It can
be assumed the probability of an occurrence is the same in any two time periods of an equal length. It
is known that the mean number of occurrences in 10 minutes is 5.3.
Refer to exhibit 5-11. the probability there are 8 more occurrences in 10 minutes is_________.
ANSWER
0.0771
Question 3.
which of the following is(are) required condition(s) for a discrete probability function?
ANSWER
none of the following
Question 4.
classical probability
ANSWER
assigning probabilities based on assumption of equally likely outcomes
Question 5.
interquartile range
ANSWER
, Question 6.
revised probabilities of events based on additional information are________.
ANSWER
posterior probabilites
Question 7.
What is P(YES warranty | PAID CASH)?
Warranty purchase PAID CASH STORE CREDIT ACCT CREDIT CARD
YES 2 12 53 NO 9 20 71
ANSWER
0.181818
Question 8.
quantitative
ANSWER
numeric values
Question 9.
the probability of the intersection of two mutually exclusive events___________.
ANSWER
must always be equal to 0
Question 10.
relative probability
ANSWER
assigning probabilities based on experimentation or historical data
QUESTIONS AND CORRECT ANSWERS
Question 1.
a marketing manager instructs his team to make 80 telephone calls to attempt to sell an insurance
policy. the random variable in this experiment is the number of sales made. this random variable is a
______________.
ANSWER
discrete random variable
Question 2.
The random variable x is the number of occurrences of an event over an interval of 10 minutes. It can
be assumed the probability of an occurrence is the same in any two time periods of an equal length. It
is known that the mean number of occurrences in 10 minutes is 5.3.
Refer to exhibit 5-11. the probability there are 8 more occurrences in 10 minutes is_________.
ANSWER
0.0771
Question 3.
which of the following is(are) required condition(s) for a discrete probability function?
ANSWER
none of the following
Question 4.
classical probability
ANSWER
assigning probabilities based on assumption of equally likely outcomes
Question 5.
interquartile range
ANSWER
, Question 6.
revised probabilities of events based on additional information are________.
ANSWER
posterior probabilites
Question 7.
What is P(YES warranty | PAID CASH)?
Warranty purchase PAID CASH STORE CREDIT ACCT CREDIT CARD
YES 2 12 53 NO 9 20 71
ANSWER
0.181818
Question 8.
quantitative
ANSWER
numeric values
Question 9.
the probability of the intersection of two mutually exclusive events___________.
ANSWER
must always be equal to 0
Question 10.
relative probability
ANSWER
assigning probabilities based on experimentation or historical data
