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Subject:
Economics
Category: Business and Money Asked by: rhemaword-ga List Price: $50.00 |
Posted:
22 Nov 2005 12:04 PST
Expires: 22 Dec 2005 12:04 PST Question ID: 596351 |
Bill's hamburger palace has several stores in the area of Gary, Indiana. When interviewing applicants for server positions, the owner would like to include information on the amount of tip a server can expect to earn per check (or bill). A study of 500 recent cheks indicated the server earned the following tip. Amount of tip Number $0 to $5 200 $5 to $10 100 $10 up to $20 75 $20 to $50 75 $50 or more 50 Total 500 What is the probability of a tip of $50 or more? Are the categories $0 to $5 up to $10 and so on considered mutually exclusive If the probabilities associated with each outcome were totaled, what would that total be? What is the probability of a tip of up to $10? What is the probably of a tip of less than $50? Thanks! |
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Subject:
Re: Economics
Answered By: leapinglizard-ga on 22 Nov 2005 13:39 PST Rated: |
Dear rhemaword, The probability of getting a tip of $50 or more is 50/500 = .1 = 10%. The categories currently defined are mutually exclusive, since a server can only belong to one or the other. But a new category "$0 to $10" would not be mutually exclusive with the category "$0 to $5", for instance, because a server could simultaneously belong to both. If we total the probabilities of a complete set of mutually exclusive outcomes, the result must be 100%. The probability of getting a tip up to $10 is (200+100)/500 = 300/500 = .6 = 60%. We know from an earlier calculation that the probability of getting a tip of $50 or more is 10%, so the probability of getting a tip under $50 is 100% - 10% = 90%. Regards, leapinglizard |
rhemaword-ga
rated this answer:
Thanks so very much for your help!! |
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Subject:
Re: Economics
From: belron-ga on 22 Nov 2005 12:32 PST |
I could be wrong, but isn't it pretty much the following: 1. (50/500)=.10 or %10 2. Note sure, but I want to say yes 3. (200/500)+(100/500)+(100/500)+(75/500)+(75/500)+(50/100)=1 4. (300/500) = .60 or %60 5. (450/500) = .90 or %90 But of course this is just my free comment. |
Subject:
Re: Economics
From: belron-ga on 22 Nov 2005 12:34 PST |
This is really what three should be 3. (200/500)+(100/500)++(75/500)+(75/500)+(50/100)=1 |
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