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Business Statistic?
2Jan2008 Filed under: Used Cars Author: admin
tairahkb asked:
Each year,ratings are complied concerning the performance of new cars during the first 90 days of use. Suppose that the cars have been categorized according to whether the car needs warranty-related repair and the country in which the company manufacturing the car is based(U.S or not U.S). Based on the data colled,the probability that the car needs a warranty repair is 0.04, the probability that the car is manufactured by a U.S based company is0.60, and the probability that the new car needs a warranty repair and was manufactureed by a U.S based company is 0.025.
what is the probability that a new car selected at random needs a warranty repair or was not manufatured by a U.S-based company?
Each year,ratings are complied concerning the performance of new cars during the first 90 days of use. Suppose that the cars have been categorized according to whether the car needs warranty-related repair and the country in which the company manufacturing the car is based(U.S or not U.S). Based on the data colled,the probability that the car needs a warranty repair is 0.04, the probability that the car is manufactured by a U.S based company is0.60, and the probability that the new car needs a warranty repair and was manufactureed by a U.S based company is 0.025.
what is the probability that a new car selected at random needs a warranty repair or was not manufatured by a U.S-based company?
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Nathan
January 4th, 2008 at 5:30 am
Perhaps I’ve misunderstood the terms in your question and set up my probability table incorrectly, but I think the answer to your question is that the probability that a new car selected at random needs a warranty repair *or* was not manufatured by a U.S-based company is 0.425.
– (Marginal Probability) Probabilty that a new car needs a warranty repair = 0.04
– (Marginal probability) Probability that a new car was not manufactured in US = 0.40
– (Joint Probability) Probability that a new car needs warranty repair and was not manufactured in the US = 0.015
To find this solution, I added the marginal probabilities and subtracted the joint probability to find the mutually exclusive conditions (i.e. car needs repair *or* is not manufactured in the US, but not both conditions together).
0.04 + 0.40 - 0.015 = 0.425