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October 22, 2014

Homework Help: Statistics

Posted by Frank on Thursday, January 18, 2007 at 2:06am.

Fortune magazine publishes an annual issue containing info on Fortune 500 companies.
The following data show the six states with the largest number of Fortune 500 companies as well as the number of companies headquartered in those states.

State # of Companies
New York 56
California 53
Texas 43
Illinois 37
Ohio 28
Pennsylvania 28

Suppose a fortune 500 company is chosen for a follow up questionaire. What are the probabilities of the following events.

a. Let N be the event the company is headquartered in New York. Find P(N).
b.Headquartered in Texas. Find P(T).
c.Headquartered in one of these six states. Find P(B).

the books answers are....
a. .112
b. .086
c. .49

How are the getting these answers?

You must have omitted some additional information, such as 49% of all companies are located in these 6 states, a fact demonstrated by their answer to c.

You can verify this by doing a)

P(New York)= 56/245 *49% = .112

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