Question

Probability: Think of an instance in your life in the past week where you used probability...

Probability: Think of an instance in your life in the past week where you used probability to make a risky decision. How did you eventually come to make that decision, and what role did the chance of one particular thing happening have on making that decision?

Homework Answers

Answer #1

Assume that 355 Ford car owners (n = 355) were randomly selected and asked the
following question: ‘When you buy your next car, will you buy another Ford product?’
(event A).
The outcomes are either ‘Yes’ or ‘No’. Assume that 76 respondents answered ‘Yes’ (r =
76). Then P(A) = 76/355 = 0.214.
There is a 21.4% chance that a current Ford owner will remain loyal to the Ford brand
name and purchase another Ford on his or her next car purchase. Alternatively stated,
one in five Ford car owners is brand loyal.

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