Question1: a) The probability that a trainee will remain with a company is 0.6.T

Question

Question1:                                                                                                                 

a)   The probability that a trainee will remain with a company is 0.6.The probability that an employee earns more than Rs.10, 000 peryear is 0.5. The probability that an employee is a trainee whoremained with the company or who earns more than Rs.10, 000 peryear is 0.7. What is the probability that an employee earns morethan Rs.10, 000 per year given that he is a trainee who stayed withthe company.

b)   The odds against student X solving a Business statistics problemare 8 to 6, and odds in favour of student Y solving the problem are14 to 16.

Question2:

a)    How many distinct four-digit numbers can be performed from thefollowing integers 1, 2, 3,4,5,6 if each integer is used onlyonce?

b)    What would be the shape and name of the frequency distributionif

Question3:

a)    Describe the situation in which two variables are perfectpositively correlated?

b)    The cost of output at a factory is thought to depend on thenumber of units produced. Data have been collected for the numberof units produced each month in the last six months, and theassociated costs, as follows;

Output
(‘000s of units) X

Cost
($’000) Y

2

9

3

11

1

7

4

13

3

11

5

15

                   Calculate the correlation coefficient and comment on yourresult.

Output
(‘000s of units) X

Cost
($’000) Y

2

9

3

11

1

7

4

13

3

11

5

15

Explanation / Answer

The probability that a trainee will remain with a companyis 0.6. P(R) = 0.6 ----------------- The probability that an employee earns more than Rs.10, 000 peryear is 0.5 P(10K) = 0.5 ----------------- The probability that an employee is a trainee who remained with thecompany or who earns more than Rs.10, 000 per year is 0.7 P(R or 10K) = 0.7 ---------------------------- What is the probability that an employee earns more than Rs.10, 000per year given that he is a trainee who stayed with thecompany. P(10K | R) = P(10K and R)/P(R) --- Note: P(10K and R) = P(R)+P(10K)-P(10K or R) = 0.6+0.5-0.7 =0.4 ---------- Therefore P(10K |R) = 0.4/0.6 = 2/3

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