value: 1.00 points A survey of 38 students at the Wall College of Business showe
ID: 3376291 • Letter: V
Question
value: 1.00 points A survey of 38 students at the Wall College of Business showed the following majors Accounting Finance Economics Management Marketing 5 2 10 Suppose you select a student and observe his or her major a. What is the probability he or she is a management major? (Round your answer to 3 decimal places.) Probability b. Which concept of probability did you use to make this estimate? Probability V (Click to select) Empirical Randomness Uniformity Inference Classical References Worksheet Difficulty: 1 Basic Learning Objective: 05-02 Assign probabilities using a subjective approach.Explanation / Answer
a. Probability = Number of favourable outcomes / Total number of outcomes
In our case,
Probability that he or she is a management major = Number of students with management major / total students
Probability that he or she is a management major = 9 / 38 = 0.237
b. To make this estimate we used the concept of Classical Probability
Reason : Classical probability states that the probability of a simple event happening is the number of times the event can happen, divided by the number of possible events which we used to make the above estimate.