What is the probability that their bid will be accepted

Assignment Help Basic Statistics

Reference no: EM131424364

Travel and Transportation

A family trying to arrange a vacation is using the Internet to name their own price for a rental car. The software reports that 50% of all people name a price of $30 per day, 40% bid $25 per day, and 10% bid $20 per day. The Internet company also reports that 90% of all $30 bids are accepted, 60% of all $25 bids are accepted, and only 5% of all $20 bids are accepted.

a. What is the probability that the family will submit a bid of $25 and have it accepted?

b. What is the probability that their bid will be accepted?

c. Suppose their bid is accepted. What is the probability that it is for $20?

Reference no: EM131424364

Questions Cloud

Write about their artwork and why you like it : Write about their artwork and why you like it. Include comments about what makes the artist a FIGURATIVE artist. You should write at least one full paragraph for each artist.

What is the probability that at least one will match : What is the probability that at least one will match?- How many people would have to be tested in order for the probability of at least one match to be 0.50?

Explanation of a brutal process : List the stages in the process of the lottery. Then, identify passages explaining the reasons behind each step. How logical are these explinations?

Explain how the criminal justice system might better serve : Post one challenge related to working with juvenile offenders in the criminal justice system and one challenge related to working with female offenders in the criminal justice system.Then, explain how the criminal justice system might better serve..

What is the probability that their bid will be accepted : What is the probability that their bid will be accepted?- Suppose their bid is accepted. What is the probability that it is for $20?

What is a nongovernmental organization : What is a nongovernmental organization, and what does it it have to do with government? Are you active in a nongovernmental organization

What is social insurance : What is Social Insurance? Discus the importance of Social Importance?

What is the probability of a mass stranding of whales : Define events and write a probability statement for each fact above.- On a randomly selected day, what is the probability of a mass stranding of whales and a military exercise?

Calculate the cash cycle for each company : Calculate the cash cycle for each company and comment on any similarities or differences.

User Account

All Pages