In a Recent Survey About Appliance Ownership, 58

question 95

Essay

In a recent survey about appliance ownership, 58.3% of the respondents indicated that they own Maytag appliances, while 23.9% indicated they own both Maytag and GE appliances and 70.7% said they own at least one of the two appliances.
Define the events as
M = Owning a Maytag appliance
G = Owning a GE appliance
a.What is the probability that a respondent owns a GE appliance?
b.Given that a respondent owns a Maytag appliance, what is the probability that the respondent also owns a GE appliance?
c.Are events "M" and "G" mutually exclusive? Why or why not? Explain, using probabilities.
d.Are the two events "M" and "G" independent? Explain, using probabilities.

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Definitions:

Sales Increase

An upward trend in the volume or value of products or services sold by a business within a specific period, indicating potential growth or market acceptance.

Performance-Based Stock Option Plan

A compensation scheme where employees are granted options to purchase company stock based on meeting specific performance criteria, aligning their interests with shareholders.

Annual Average Increase

The yearly mean growth rate of an economic or financial metric, often calculated to understand the trend over a period.

Compensation Expense

Compensation expense refers to the total cost that a company recognizes for paying employees, including wages, salaries, and bonuses.