Assignment # 2 Econ 275 Fall 2015: Show all your work

1. Records of a company show that 30% of the employees have only a high school diploma; 50% have bachelor degrees; and 20% have graduate degrees. Of those with only a high school diploma, 10% hold management positions; whereas, of those having bachelor degrees, 40% hold management positions. Finally, 20% of the employees who have graduate degrees do not hold management positions.

a. What percentage of employees holds management positions?

b. Given that a person holds a management position, what is the probability that she/he has a graduate degree?

2. There are ten racing horses. Player selects three horses as first, second, and third place winners. To win, those three horses must finish the race in the precise order the player has selected.)

(a)If you buy hundred tickets what is the probability of winning?

(b)Suppose the order of horse of which the horse finish the race is unimportant, what is the probability of winning?

Q3. In an advertisement campaign, a marketing firm conducted a survey to determine the effectiveness of the campaign for a given product. The results show that 20% of customers purchased the product, 44% recalls seeing the advertisement, and 12% of the customer who purchased the product and recalled seeing the advertisement.

a. What is the probability of an individual purchasing the product given that given the customer recall seeing a product?

b. If the advertising cost is minimal and the objective is increasing the market share, should the advertisement be continued or not (if yes why if not why not?)

Subject | Business |

Due By (Pacific Time) | 09/28/2015 02:00 pm |

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