• MATH 533 Week 2 | Quiz

Questions: 1-8

Q1.

A finance journal published a study of whether the decision to invest in the stock market is dependent on IQ. Information on a sample of 153,401 adults living in Finland formed the database for the study. An IQ score  (from a low score of 1 to a high score of  9) was determined for each Finnish citizen as well as whether or not the citizen invested in the stock market. The following table gives the number of Finnish citizens in each IQ  score/investment category. Suppose one of the 153,401 citizens is selected at random. Complete parts a through f.

a.  What is the probability that the Finnish citizen invests in the stock​ market?

The probability is ________.. ​(Round to the nearest thousandth as​ needed.)

b.  What is the probability that the Finnish citizen has an IQ score of 6 or​ higher?

The probability is ________. ​(Round to the nearest thousandth as​ needed.)

c.  What is the probability that the Finnish citizen invests in the stock market and has an IQ score of 6 or​ higher?

The probability is ________.. ​(Round to the nearest thousandth as​ needed.)

d.  What is the probability that the Finnish citizen invests in the stock market or has an IQ score of 6 or​ higher?

The probability is ________.. ​(Round to the nearest thousandth as​ needed.)

e.  What is the probability that the Finnish citizen does not invest in the stock​ market?

The probability is ________.. ​(Round to the nearest thousandth as​ needed.)

f.   Are the events​ {Invest in the stock​ market} and​ {IQ score of​ 1} mutually​ exclusive? Choose A,B,C or D

A.  ​Yes, they are mutually exclusive because there are no Finnish citizens who invest in the stock market and have an IQ score of 1.

B.  ​Yes, they are mutually exclusive because there are Finnish citizens who invest in the stock market and have an IQ score of 1.

C.  ​No, they are not mutually exclusive because the probability that a Finnish citizen invests in the stock market and has an IQ score of 1 is very small.

D.  ​No, they are not mutually exclusive because there are Finnish citizens who invest in the stock market and have an IQ score of 1.

Q2.

Physicians and pharmacists sometimes fail to inform patients adequately about the proper application of prescription drugs and about the precautions to take in order to avoid potential side effects. One method of increasing patients' awareness of the problem is for physicians to provide patient medication instruction (PMI) sheets. A local medical survey, however, has found that only 4141% of the doctors who prescribe drugs frequently distribute PMI sheets to their patients. Assume that 4141% of all patients receive the PMI sheet with their prescriptions and that 1515% receive the PMI sheet and are hospitalized because of a drug-related problem. What is the probability that a person will be hospitalized for a drug-related problem given that the person received the PMI sheet?

 Q3.

The chance of winning a lottery game is 1 in approximately 2727 million. Suppose you buy a​ $1 lottery ticket in anticipation of winning the ​$44 million grand prize. Calculate your expected net winnings for this single ticket. Interpret the result.

Q3.    Q4.     Q5.   

Q6.    Q7.     Q8.

MATH 533 Week 2 | Quiz

  • Institution(s): Devry
  • Year Published: 2021
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