BANA 7012-The probability that a pharmaceutical firm will
Subject: Mathematics   / Statistics
Question
1. The probability that a pharmaceutical firm will successfully develop a new drug that will return $750 million dollars is 0.14. If the research is unsuccessful, the company incurs a cost of $100 million dollars. What is the expected return in the long run for continually trying to develop new drugs? Express your answer as a whole number in millions.
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2.An alcohol awareness task force at a university sampled 200 students after the midterm to ask them whether they went bar hopping the weekend before the midterm or spent the weekend studying, and whether they did well or poorly on the midterm. The following result was obtained.
Did Well on Midterm
Did Poorly on Midterm
Studying for Exam
80
30
Went Bar Hopping
30
60
What is the probability that a randomly selected student who went bar hopping did well on the midterm?
a.0.30
b.0.27
c.0.33
d.0.50
The probability that a new advertising campaign will increase sales is assessed as being 0.80. The probability that the cost of developing the new ad campaign can be kept within the original budget allocation is 0.40. Assuming that the two events are independent, the probability that the cost is kept within budget and the campaign will increase sales is ________.
a.0.20
b.0.32
c.0.40
d.0.88
Suppose that we have the following partial joint probability table:
B1
B2
A1
0.3
A2
0.2
We know that P(A1 | B2) = 0.8. What is P(A1 and B2)?
a.0.7
b.0.5
c.0.0
d.0.4
Fifteen students were asked to choose between the broad categories of Arts, Science, and Math as their preferred area of study.
Respondent
Gender
Preference
1
Female
Arts
2
Male
Science
3
Male
Math
4
Female
Arts
5
Female
Math
6
Male
Science
7
Male
Math
8
Male
Math
9
Female
Arts
10
Male
Arts
11
Male
Science
12
Female
Science
13
Female
Math
14
Male
Arts
15
Female
Arts
What is the probability that a respondent prefers Science given that the respondent is female?
An alcohol awareness task force at a university sampled 200 students after the midterm to ask them whether they went bar hopping the weekend before the midterm or spent the weekend studying, and whether they did well or poorly on the midterm. The following result was obtained.
Did Well on Midterm
Did Poorly on Midterm
Studying for Exam
80
30
Went Bar Hopping
30
60
What is the probability that a randomly selected student who went bar hopping did well on the midterm?
a.0.30
b.0.27
c.0.33
d.0.50
The probability that a new advertising campaign will increase sales is assessed as being 0.80. The probability that the cost of developing the new ad campaign can be kept within the original budget allocation is 0.40. Assuming that the two events are independent, the probability that the cost is kept within budget and the campaign will increase sales is ________.
a.0.20
b.0.32
c.0.40
d.0.88
Suppose that we have the following partial joint probability table:
B1
B2
A1
0.3
A2
0.2
We know that P(A1 | B2) = 0.8. What is P(A1 and B2)?
a.0.7
b.0.5
c.0.0
d.0.4
Fifteen students were asked to choose between the broad categories of Arts, Science, and Math as their preferred area of study.
Respondent
Gender
Preference
1
Female
Arts
2
Male
Science
3
Male
Math
4
Female
Arts
5
Female
Math
6
Male
Science
7
Male
Math
8
Male
Math
9
Female
Arts
10
Male
Arts
11
Male
Science
12
Female
Science
13
Female
Math
14
Male
Arts
15
Female
Arts
What is the probability that a respondent prefers Science given that the respondent is female?
