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Academic response to ProbabilityConsider a population of 2000 individuals, 800 of whom are woman. Assume that 300 of the woman in this population earn at least $60,000 per year, and 200 of the men earn at least $60,000 per year.
1. What is the probability that a randomly selected individual from this population earns less than $60,000 per year?
2. If a randomly selected individual is observed to earn less than $60,000 per year, what is the probability that this person is a man?
3. If a randomly selected individual is observed to earn at least $60,000 per year, what is the probability that this person is a woman?
Explain why the normal distribution can be used as an approximation to the binomial distribution. What conditions must be met to use the normal distribution to approximate
Probability of selecting a resident live in Alaska, According to the U. S. Census Bureau, the total 2008 U.S. population was 303,824,640. The chart below summarizes the 2008 population for five U.S. States.
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This assignment has questions related to probabiltiy.
What is the optimal decision? Ken believes that the $300,000 figure for the Sub 100 with a favorable market is too high. How much lower would this figure have to be for Ken to change his decision made in part (b)?
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