value: 1.00 points A survey of 38 students at the Wall College of Business showe

Question

value: 1.00 points A survey of 38 students at the Wall College of Business showed the following majors Accounting Finance Economics Management Marketing 5 2 10 Suppose you select a student and observe his or her major a. What is the probability he or she is a management major? (Round your answer to 3 decimal places.) Probability b. Which concept of probability did you use to make this estimate? Probability V (Click to select) Empirical Randomness Uniformity Inference Classical References Worksheet Difficulty: 1 Basic Learning Objective: 05-02 Assign probabilities using a subjective approach.

Explanation / Answer

a. Probability = Number of favourable outcomes / Total number of outcomes

In our case,

Probability that he or she is a management major = Number of students with management major / total students

Probability that he or she is a management major = 9 / 38 = 0.237

b. To make this estimate we used the concept of Classical Probability

Reason : Classical probability states that the probability of a simple event happening is the number of times the event can happen, divided by the number of possible events which we used to make the above estimate.

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