Page 261 - BA2 Integrated Workbook - Student 2017
P. 261
Answers to supplementary objective test questions
12.3 The expected profit is $21,200
Remember the probabilities must sum to 1.0, so the probability of $22,000 must
be 60%.
Profit ($) Probability
50,000 0.2
22,000 0.6
(10,000) 0.2
–––
1.0
–––
EV = ∑px
= (50,000 × 0.2) + (22,000 × 0.6) + (–10,000 × 0.2) = $21,200.
12.4 The probability that a randomly selected unqualified employee will work in
location A or B would be 0.625.
It is best to show the detail on a table. Put in what you are given from the
question and fill in the blanks.
A B C Total
Qualified 26 29 24 79
Not qualified 11 9 12 32
Total 37 38 36 111
There are 32 unqualified members of staff, 20 if these work in locations A or B,
so the probability that a randomly selected unqualified employee will work in
location A or B would be 20 out of 32. So the probability is 20/32 = 0.625.
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