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Problem: Who takes the GMAT? In many settings, the "rules of probability" are just basic facts about percents. The Graduate Management Admission Test (GMAT) Web site provides the following information about the undergraduate majors of those who took the test in 2009-2010: 53% majored in business or commerce; 17% majored in engineering; 16% majored in the social sciences; 6% majored in the sciences; 5% majored in the humanities; and 3% listed some major other than the preceding.
Required:
(i) What percent of those who took the test in 2009-2010 majored in either engineering or science? Which rule of probability did you use to find the answer?
(ii) What percent of those who took the test in 2009-2010 majored in something other than business or commerce? Which rule of probability did you use to find the answer?
What does the law of large numbers tell us about what will happen if a gambler makes very many bets on red? If the gambler keeps on playing forever he must win.
The investor would like to maximize the return on the investment, but the average risk index of the investment should not be higher than 6.
New study is to use 90% confidence level. Estimate is to be within 1 percent of population proportion. Determine the essential sample size?
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a survey on british social attitudes asked respondents if they had ever boycotted goods for ethical reasons. the survey
The MPG (Miles per Gallon) for a mid-size car is normally distributed with a mean of 32 and a standard deviation of .8. What is the probability that the MPG for a selected mid-size car would be less than 33.2?
Find the limiting distribution of Yn as n -+ oo. This exercise and the immediately preceding one are special instances of an important theorem that will be proved in the next section.
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