Multiple Choice
What is the main advantage of primary data compared to secondary data in probability studies?
4. Probability
Basic Concepts of Probability
Struggling with Statistics for Business?
Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
In the context of probability, if a survey finds that 70% of customers are more likely to consider a company involved in a worthwhile cause, what is the probability that a randomly selected customer will consider such a company?
A
0.70
B
1.00
C
0.30
D
0.07
Verified step by step guidance1
Step 1: Understand the problem. The survey indicates that 70% of customers are more likely to consider a company involved in a worthwhile cause. This percentage represents the probability of a randomly selected customer considering such a company.
Step 2: Recall that probabilities are expressed as values between 0 and 1. A percentage like 70% can be converted to a probability by dividing it by 100. For example, 70% = 70/100 = 0.70.
Step 3: Identify the correct probability from the given options. Since the survey states 70%, the corresponding probability is 0.70.
Step 4: Verify the other options provided. 1.00 represents certainty (100%), which is not applicable here. 0.30 represents 30%, which is incorrect based on the survey. 0.07 represents 7%, which is also incorrect.
Step 5: Conclude that the correct probability for a randomly selected customer considering such a company is 0.70, based on the survey findings.
5:37mWatch next
Master Introduction to Probability with a bite sized video explanation from Patrick
Start learningRelated Videos
Related Practice