Question 24 1 pts The owner of Claus Christmas Tree Company, Sandy Claus, wants to estimate...

Transcribed Image Text:

Question 24 1 pts The owner of Claus Christmas Tree Company, Sandy Claus, wants to estimate the probability of selling a specific number of Christmas trees in the coming season. For simplicity, she assumes that sales will be in 100s. In particular, she believes that sales will be 300, 400, 500 or 600. Sandy says that the chances of selling 300 and 600 are the same. She believes that they are 6 times more likely to sell 400 than 300, and 3 times more likely to sell 500 compared to 300. Find the probability of selling 500 trees. Give your answer to 4 decimal places. (Hint: This may feel like a challenging question, but you have all of the information you need. First, remember that probabilities have to add to 1. Then use the information given in the problem together with a little algebra and you should be able to get the answer. My suggestion is to let the sales for 300 trees be equal to a variable (say x) and go from there.) Question 24 1 pts The owner of Claus Christmas Tree Company, Sandy Claus, wants to estimate the probability of selling a specific number of Christmas trees in the coming season. For simplicity, she assumes that sales will be in 100s. In particular, she believes that sales will be 300, 400, 500 or 600. Sandy says that the chances of selling 300 and 600 are the same. She believes that they are 6 times more likely to sell 400 than 300, and 3 times more likely to sell 500 compared to 300. Find the probability of selling 500 trees. Give your answer to 4 decimal places. (Hint: This may feel like a challenging question, but you have all of the information you need. First, remember that probabilities have to add to 1. Then use the information given in the problem together with a little algebra and you should be able to get the answer. My suggestion is to let the sales for 300 trees be equal to a variable (say x) and go from there.)

Answer rating: 100% (QA)

Let the probability of selling 300 trees be x Then the probabili... View the full answer