Determining bayesian probability

Assignment Help Accounting Basics
Reference no: EM13115613

Yearly anutomobile inspections are required for residents of the state of Pennsylvania.Suppose that 18% of all inspected cars in Pennsylvania have problems that need to be corrected. Unfortunately, pennsylvania state inspections fail to detect these problems 12% of the time. On the other hand, an inspection never detects a problem when there is no problem. Consider a car that is inspected and is found to be free of problems. What is the probability that there is indeed something wrong that the inspection has failed to uncover?

Reference no: EM13115613

Questions Cloud

Find out the rate of the wheel''s rotation in revolutions : rotates to provide an "artificial gravity" of 3.10 m/s2 for persons who walk around on the inner wall of the outer rim. Find out the rate of the wheel's rotation in revolutions per minute that will produce this effect.
What are some examples of systems where law of conservation : What are some examples of systems where the Law of Conservation of Energy applies and what energy is observed?
Find probability that the sample mean will exceed a value : If a simple random sample of 50 players was taken, what is the probability that the sample mean will exceed $210,000?
Elucidate how far up the ladder can an newton person : The coefficient of static friction is .6 and the ladder makes a 50 degree angle with the ground. Elucidate how far up the ladder can an 800 newton person climb before starts to slip
Determining bayesian probability : Yearly anutomobile inspections are required for residents of the state of Pennsylvania.Suppose that 18% of all inspected cars in Pennsylvania have problems that need to be corrected.
Information regarding mixed cost : The Tyson Company has provided the following information: Using the high-low method, calculate the total fixed factory overhead cost and the variable factory overhead cost per direct labor hour.
Explain how and why your roommates logic is faulty : Your roommate tells you that the Laws of Thermodynamics don't make sense because your refrigerator can obviously remove heat from a warmer item as demonstrated when the room temperature bottle of soda pop is placed inside and later has cooled down..
Illustrate what is the impulse experienced by the ball : batted straight back to Lonnie with a return speed of 60 m/s. If the bat is in contact with the ball for .050 s, illustrate what is the impulse experienced by the ball.
Find probability fewer people in sample posted photos online : Suppose that 20% of all Internet users have posted photos online. A sample survey interviews 1555 users. What is the probability that 300 or fewer people in the sample have posted photos online?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Information on journal entries to record business

On Jan 1, 2002, Frost Company acquired all of TKK Corporation's assets and liabilities by issuing 24,000 shares of its $4 par value common stock. At that date, Frost shares were selling at $22 per share. Historical cost and fair value balance shee..

  Question regarding bond yield to maturity

A 10-year, $1,000 face value bond has an 8.5% annual coupon. The bond has a current yield of 8%. What is the bond's yield to maturity?

  Direct materials price

The quantity purchased is used in computing the direct materials price variance because you are looking for the difference in the price of materials for the job

  Agency relationships and costs

What is an agency relationship, and what are agency costs? How do these concepts apply to your investment in the oil and gas partnership?

  Determine the balance in the finished goods inventory

Determine the balance in the Finished Goods Inventory and compute the cost of goods manufactured for November

  Roi and residual income-missing data

The following data pertain to three divisions of Nevada Aggregates, Inc. The company's required rate of return on invested capital is 8 percent.

  Compute depreciation and cash flow

Ohare Company's only asset as of January 1, 2007, was limousine. During 2007, only three transactions occurred:

  Ethical dilemma in business

Describe in detail an ethical dilemma in business that you or a coworker experienced and how it was resolved.

  What is after-tax return of auto abs is for client

As a financial adviser to individual investors, your boss has asked you to write a memo to him analyzing a choice of two bonds for a client seeking to invest $350,000.

  Compute the proper earnings per share for 2010

During the year 2010, the corporation earned $600,000 after deducting all expenses. The tax rate was 30%., Instructions:- Compute the proper earnings per share for 2010.

  Budgets of isaac company

Isaac Company has a selling price of $10 per unit and expects to maintain ending inventories equal to 25 percent of the next month's sales. Calculate the budgeted beginning balance in units for finished goods inventory on November 1?

  New price of a share after a stock split

Rooney Inc. recently completed a 3-for-2 stock split. Prior to the split, its stock price was $90 per share. The firm's total market value was unchanged by the split.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd