BUAL 2600 CHEN YAN - TEST 2 QUESTIONS AND
ANSWERS 2026
The set of all possible experimental outcomes - Answers - Sample space
Experimental outcomes in the sample space - Answers - Sample space outcomes
A measure of the chance that an experimental outcome will occur when an experiment
is carried out - Answers - Probability
Any process if observation with uncertain outcome - Answers - experiment
The possible outcomes for an experiment - Answers - experimental outcome
What method do you use for equally possible outcomes? - Answers - Classical
- If an experiment has n possible outcomes, the ___________ method will assign a
probability of 1/n to each outcome
- Experiment: rolling a die
- Sample space: S = {1,2,3,4,5,6}
- Probabilities: each sample point has a 1/6 chance of occurring. - Answers - classical
What method is used in this example:
- Estimate the probability that a randomly selected consumer prefers coca-cola to all
other soft drinks
- 1000 customers selected and 140 said they prefer coca cola
- Probability is 140/1000=.14 - Answers - relative frequency
What method is used to assess based on experience, expertise, or intuition? - Answers
- subjective
What method is used in this example:
- Tom and Judy make an offer to purchase a house
- Possible outcomes:
E1= offer is accepted / E2 = offer is rejected
- Judy's probability estimates:
P(E1) = 0.8
P(E2) = 0.2
- Tom's probability estimates:
P(E1) = 0.6
ANSWERS 2026
The set of all possible experimental outcomes - Answers - Sample space
Experimental outcomes in the sample space - Answers - Sample space outcomes
A measure of the chance that an experimental outcome will occur when an experiment
is carried out - Answers - Probability
Any process if observation with uncertain outcome - Answers - experiment
The possible outcomes for an experiment - Answers - experimental outcome
What method do you use for equally possible outcomes? - Answers - Classical
- If an experiment has n possible outcomes, the ___________ method will assign a
probability of 1/n to each outcome
- Experiment: rolling a die
- Sample space: S = {1,2,3,4,5,6}
- Probabilities: each sample point has a 1/6 chance of occurring. - Answers - classical
What method is used in this example:
- Estimate the probability that a randomly selected consumer prefers coca-cola to all
other soft drinks
- 1000 customers selected and 140 said they prefer coca cola
- Probability is 140/1000=.14 - Answers - relative frequency
What method is used to assess based on experience, expertise, or intuition? - Answers
- subjective
What method is used in this example:
- Tom and Judy make an offer to purchase a house
- Possible outcomes:
E1= offer is accepted / E2 = offer is rejected
- Judy's probability estimates:
P(E1) = 0.8
P(E2) = 0.2
- Tom's probability estimates:
P(E1) = 0.6
