Purchase Solution

Statistics - Probability

Not what you're looking for?

Ask Custom Question

Given the following information about motor vehicles, motor vehicle accidents and cost of repair for last year:

# of registered motor vehicles (millions) 215
# of vehicles involved in an accident (millions) 21.3
Cost of accident ($ billions) 192

A) What is the probability that a randomly selected vehicle is involved in an accident?
B) What type of probability does this illustrate (classical, empirical, subjective)?
C) Suppose your insurance company insures 150,000 motor vehicles this year. How many vehicles insured by your company will be involved in an accident?
D) Estimate the cost of repair per vehicle ($ per vehicle)
E) How much will your company expect to pay for accidents this year?

Purchase this Solution
Solution Summary

Complete, Neat and Step-by-step Solutions are provided.

Solution Preview

(A) Probability = 21.3/215 = 0.099

(B) Empirical ...

Purchase this Solution
Free BrainMass Quizzes
Measures of Central Tendency

Tests knowledge of the three main measures of central tendency, including some simple calculation questions.

Terms and Definitions for Statistics

This quiz covers basic terms and definitions of statistics.

Measures of Central Tendency

This quiz evaluates the students understanding of the measures of central tendency seen in statistics. This quiz is specifically designed to incorporate the measures of central tendency as they relate to psychological research.

Know Your Statistical Concepts

Each question is a choice-summary multiple choice question that presents you with a statistical concept and then 4 numbered statements. You must decide which (if any) of the numbered statements is/are true as they relate to the statistical concept.

View More Free Quizzes
Related BrainMass Solutions

  • determining probability of scoring 80

    Use subtraction to work out the probability of scoring 80% in i. Statistics exclusively (p 80% in statistics - p 80% statistics and economics) ii. Economic exclusively (p 80% in economics - p 80% statistics and economics) (see attachment).

  • Bayes Theorem

    Mike Fishbaugh took statistics last semester from Dr.Stallter and received a passing grade. What is the probability that he completed the assignments? Dr.

  • Theory of Probability and Statistics

    584514 Theory of Probability and Statistics Describe the historical development of statistics and probability. Please include some reference to non-Western mathematics history.

  • Conditional Probability and Enrolling in Courses

    What is the probability that this student is also enrolled in statistics?

  • Bayes' Theorem: Uses for Business-related Questions

    (c) What are some prerequisites for using Bayesian statistics? To use Bayesian statistics, one must have some prior knowledge of the opposite probability than one is trying to determine.

  • Calculating Probability of Selection

    If the student is in the Calculus class, what is the probability the student is also in the Statistics class? Solution: This is a case of conditional probability.

  • Statistics

    This solution discussed variancs, inferential statistics and probability.

  • Probability vs. Statistics; Variable vs. Parameter

    414679 Probability vs. Statistics; Variable vs. Parameter 1. Determine if this is an example of probability or statistics: The average home price in one particular U.S. city is $214,000. 2.

  • Venn Diagram and Probability problems

    71679 Venn Diagram and Probability problems A survey of 500 students taking one of more modules in algebra, physics and statistics during one semester revealed the following numbers of students in the indicated modules (see attachment).

  • Probability - research problem

    245588 Probability - research problem What is an example of a research problem at your organization that would benefit from the use of either descriptive statistics or probability distribution statistics? Explain.

View More Related Solutions