The table below indicates the probabilities of various outcomes with regard to the size of purchases and
Question:
The table below indicates the probabilities of various outcomes with regard to the size of purchases and method of payment for customers that enter to a large New York electronics store:
a. Is the event of a customer paying cash independent of the event that the customer spends \(
b. Given that the customer pays cash, what is the probability that the customer spends \(\leq \$ 500\) ?
c. Given that the customer pays by credit card, what is the probability that the customer spends \(\leq \$ 500\) ?
d. What is the probability that the customer pays by credit card, given that the purchase is \(\leq \$ 500\) ?
e. Given that the customer spends \(\$ 100\) or more, what is the probability that the customer will not pay by cash?
Step by Step Answer:
Mathematical Statistics For Economics And Business
ISBN: 9781461450221
2nd Edition
Authors: Ron C.Mittelhammer