Probability Problem

A retail grocer has decided to market organic "health foods" and will purchase a new line of products from each of two suppliers. Unknown to the grocer, the two suppliers are in financial distress. Past experience has shown that, for firms with similar credit histories, the probability that bankruptcy proceedings will be initiated within one year is .7. We are interested in observing the financial progress of the two suppliers over the next year. For this experiment, the simple events and their associated probabilities are as follows (B1: Supplier 1 declares bankruptcy; N1: Supplier 1 does not declare bankruptcy, etc.): Simple Events are (B1, B2), (B1, N2), (N1, B2), (N1, N2) with assoc... click for more

Explains how to compare two population variances using the F table of critical values

Obtain the critical values of the F distribution for the following situations: (a). F .01, numerator df = 8, denominator df = 6 (b). F .01, numerator df = 5, denominator df = 120 (c). F .05, numerator df = 12, denominator df = 24

Assigning Probabilities to simple events

When assigning probabilities of two simple events, can we assume that each event is always equally likely to occur and, thus assign .5 to each event? Could you provide an example in your explanation?

Calculating probabilities of events

1. What are the steps I need to calculate probability of events occurring? 2. Could you apply these steps to the following example: A fair die is tossed, and the up face is observed. If the face is even, you win $5. Otherwise, you lose $5? What is the probability?

The probablility of spotting a correction due to an alteration error or a spelling error. AND the probability of detecting no correction.

Our psychology department received a new statistics text for review. Prof. Smart in his review provided an interesting table of corrections. TYPE: Alterations-20%, Spelling-50%, Spelling and alterations-10% Assuming that spelling and alterations are the only possible types of corrections, calculate the probablility of spotting a correction due to an alteration error or a spelling error AND the probability of detecting no correction. My Answers: Probability of Alteration Error Only: 10% (20%-10%) Probability of Spelling Error Only:40% (50%-10%) Probability of No Correction: 40% (100%)-(40%+10%+10%) Is this right??????