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Statistical independence of two events means that the probability of first event occurring given the
second event has occurred is equal to the probability of second event occurring given the first event has
occurred. That is, occurrence of one event does not affect the occurrence of the other event. Given two
events A and B, P(A / B) = P(B / A) for independent events.
Mutiso answered the question on December 7, 2018 at 10:09
- A firm has four plants scattered around the city producing the same homogeneous item at all plants. The first plant produces 30 per cent of...(Solved)
A firm has four plants scattered around the city producing the same homogeneous item at all plants. The first plant produces 30 per cent of the total production, second plant 25 per cent, third plant 35 per cent and the fourth plant 10 per cent. The firm has a single warehouse in the city for storing the finished product of all the plants without any distinction. From the past performance records on the proportion of defectives, it has been found that 5 per cent, 10 per cent, 15 per cent and 20 per cent from the items produced at plants 1, 2, 3, and 4 respectively are defective. Before the shipment of the items to a dealer, one unit is selected and found defective. What is the probability that the item was produced in plant 3?
Date posted: December 7, 2018. Answers (1)
- A firm recently submitted a bid for a turnkey project for a 500 MW power plant. If its main competitor submits a bid, the chances...(Solved)
A firm recently submitted a bid for a turnkey project for a 500 MW power plant. If its main competitor submits a bid, the chances of bid being awarded to the firm is 0.3. If the main competitor doesn't bid, there is a
3/4 chance of the firm getting the contract. There is a 0.50 chance that the main competitor will bid.
i) What is the probability of the firm‟s getting the contract?
ii) What is the probability that the competitor‟s bid given that the firm's bid is awarded?
Date posted: December 7, 2018. Answers (1)
- Computer analysis of satellite data has correctly forecast locations of economic oil deposits 80% of the time.
The last 24 oil wells drilled produced only 8...(Solved)
Computer analysis of satellite data has correctly forecast locations of economic oil deposits 80% of the time.
The last 24 oil wells drilled produced only 8 wells that were economic. The latest analysis indicates economic quantities at a particular location. What is the probability that the well will produce economic quantities of oil?
Date posted: December 7, 2018. Answers (1)
- The following table gives a bi-variate frequency distribution of 50 managers according to their age and salary
(in rupees).(Solved)
The following table gives a bi-variate frequency distribution of 50 managers according to their age and salary
(in rupees).
If a manager is chosen at random from the above distribution, find the chance that;
(i) he is in the age group of 30-40 and earns more than Rs.1500,
(ii) his earnings are in the range of Rs.2000-2500 and is less than 50 years old.
Date posted: December 7, 2018. Answers (1)
- Three groups of children contain respectively 3 girls and 1 boy; 2 girls and 2 boys; 1 girl and 3 boys. One child is selected...(Solved)
Three groups of children contain respectively 3 girls and 1 boy; 2 girls and 2 boys; 1 girl and 3 boys. One child is selected at random from each group, show that the chance that the three selected, consist of 1 girl and 2 boys is 13/32.
Date posted: December 7, 2018. Answers (1)
- A problem is given to three managers A, B, C whose chances of solving are ½, ?, ¼ respectively. What is the probability that the...(Solved)
A problem is given to three managers A, B, C whose chances of solving are ½, ⅓, ¼ respectively. What is the probability that the problem will be solved?
Date posted: December 7, 2018. Answers (1)
- Moving averages are often used in an effort to identify movements in share prices. Approximate monthly
closing prices (in Sh. per share) for Toys Children Ltd....(Solved)
Moving averages are often used in an effort to identify movements in share prices. Approximate monthly
closing prices (in Sh. per share) for Toys Children Ltd. for December 2000 through November 2001 are
shown below:
Date posted: December 6, 2018. Answers (1)
- The table below reports the annual net salary amounts for an accountant who began employment with an
auditing firm in 1995. In addition, the values of...(Solved)
The table below reports the annual net salary amounts for an accountant who began employment with an
auditing firm in 1995. In addition, the values of the Consumer Price Index (CPI) for 1995 through 1999 is
shown.
Required:
Determine whether there is a difference in percentage salary increase between 1995 and 1999 in terms of
stated (current) shillings amounts and in terms of constant (deflated salary, using CPI) shillings.
Date posted: December 6, 2018. Answers (1)
- Explain the following terms as used in index numbers:
i) Quantity indices.
ii) Base year.
iii) Chain index numbers.
iv) Retail price index.(Solved)
Explain the following terms as used in index numbers:
i) Quantity indices.
ii) Base year.
iii) Chain index numbers.
iv) Retail price index.
Date posted: December 6, 2018. Answers (1)
- "The standard deviation is the natural partner to the mean". Explain.(Solved)
"The standard deviation is the natural partner to the mean". Explain.
Date posted: December 6, 2018. Answers (1)
- Why is the mode not used extensively in statistical analysis?(Solved)
Why is the mode not used extensively in statistical analysis?
Date posted: December 6, 2018. Answers (1)
- Describe briefly how to estimate the median on a grouped frequency distribution graphically(Solved)
Describe briefly how to estimate the median on a grouped frequency distribution graphically.
Date posted: December 6, 2018. Answers (1)
- In what situation would a weighted mean be used?(Solved)
In what situation would a weighted mean be used?
Date posted: December 6, 2018. Answers (1)
- A machine produces circular bolts and, as a quality control test, 250 bolts were selected randomly and
the diameter of their heads measured as follows:(Solved)
A machine produces circular bolts and, as a quality control test, 250 bolts were selected randomly and
the diameter of their heads measured as follows:
Required:
Determine whether the customer is getting reasonable value if the label on the circular bolt advertises
that the average diameter of the head is 0.97642 cm.
Date posted: December 6, 2018. Answers (1)
- The table below shows the income per month of borrowers and the percentage of all mortgages as
provided by Building Society Mortgages in the year 2000.(Solved)
The table below shows the income per month of borrowers and the percentage of all mortgages as
provided by Building Society Mortgages in the year 2000.
Required:
i) Calculate some suitable measures of central tendency and dispersion and comment on your results.
ii) Explain with an example the value of descriptive statistics in the accounting function.
Date posted: December 6, 2018. Answers (1)
- What are some of the limitations of index numbers?(Solved)
What are some of the limitations of index numbers?
Date posted: December 6, 2018. Answers (1)
- Explain some of the uses of index numbers(Solved)
Explain some of the uses of index numbers.
Date posted: December 6, 2018. Answers (1)
- The index of industrial production in the Utopia country by July 2001 is given below:(Solved)
The index of industrial production in the Utopia country by July 2001 is given below:
Required:
i) Calculate the index of industrial production for all industries and manufacturing industries.
ii) Comment on your results.
Date posted: December 6, 2018. Answers (1)
- (a) Given the following input – output matrix and demand vector of shoes S, rubber R and glue G industries,
determine the production vector.(Solved)
(a) Given the following input – output matrix and demand vector of shoes S, rubber R and glue G industries,
determine the production vector.
(b) If in (a) above the demand of industries changes as follows:
S decreases by 10 units
R increases by 5 units C
increases by 10 units.
What should be the production levels?
Date posted: December 6, 2018. Answers (1)
- Drumstick Chicken Wings Ltd supplies chicken wings for Kuku Inn with the following demand and cost
functions for a given week:
P = 100 – 0.01 x...(Solved)
Drumstick Chicken Wings Ltd supplies chicken wings for Kuku Inn with the following demand and cost
functions for a given week:
P = 100 – 0.01 x - Price
TC = 50x + 30,000 - Total cost
Where:
x – number of chicken wings supplied.
Required:
i) Total revenue for Drumstick Chicken Wings Ltd.
ii) Determine the number of chicken wings that maximize weekly profit.
iii) What is the difference in profit if the Drumstick Chicken Wings Ltd. objective is to maximize revenue rather than profit?
Date posted: December 6, 2018. Answers (1)