Question: Using the relative frequency table shown below, answer the following: a) What is the marginal probability that a consumer owns a car? b) What is

Using the relative frequency table shown below,

Using the relative frequency table shown below, answer the following: a) What is the marginal probability that a consumer owns a car? b) What is the joint probability that a consumer owns an suv that weighs 4501-6000lbs? c) What is the conditional probability that if a consumer owns a vehicle that weighs 3000-4500 lbs, it is also a truck? d) What is the conditional probability that if a consumer owns a car, it weighs less than 3000 lbs.? e) Are the variables independent or dependent? Show your work (hint: use the Multiplication Rule.) 6000 lbs 0.0189 0.0032 0.0000 0.0221 Total 0.6341 0.2744 0.0915 1.0000 truck Total

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!