The probability that a shipping company will obtain authorization to include a certain port of call in its shipping route is dependent on whether certain legislation is passed. The company believes there is a 0.5 chance that both the relevant legislation will pass and it will get the required authorization to visit the port. The company further estimates that the probability that the legislation will pass is 0.75. If the company should find that the relevant legislation just passed, what is the probability that authorization to visit the port will be granted?
Answer to relevant QuestionsThe probability that a bank customer will default on a loan is 0.04 if the economy is high and 0.13 if the economy is not high. Suppose the probability that the economy will be high is 0.65. What is the probability that the ...In 2007, Starbucks inaugurated its Dulce de Leche Latte. If 8% of all customers who walk in order the new drink, what is the probability that out of 13 people, at least 1 will order a Dulce de Leche Latte? What assumption ...The number of telephone calls arriving at an exchange during any given minute between noon and 1:00 P.M. on a weekday is a random variable with the following probability distribution. X P(x) 0 .... 0.3 1 .... 0.2 2 ...According to Chebyshev's theorem, what is the minimum probability that a random variable will be within 4 standard deviations of its mean? Explain the meaning of the variance of a random variable. What are possible uses of the variance?
Post your question