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Probability
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In a recent meeting of unioin members supporting Joe Royal for union president, Royal\'s leading supporter said \"chances are good\" that Royal will defeat the single opponent facing him in the election.

INSTRUCTIONS TO CANDIDATES
ANSWER ALL QUESTIONS

In a recent meeting of unioin members supporting Joe Royal for union president, Royal's leading supporter said "chances are good" that Royal will defeat the single opponent facing him in the election. 

(a) What are the "events" that could take place with regard to the elections?

(b) Is your list collectively exhaustive? Are the events in yur list mutually exclusive?

(c) Disregarding the supporter's commnets and knowing no additional informations, what probabilities would you assign to each of your events?

 

Southern Bell is considering the distributions\ of funds for a campaign to increase long-distance calls within North Carolina. The following table lists the markets that the company considers worthy of focused promotions:

Market Segment                                   Cost of Special Campaign Aimed at Group

      Minorities                                                                            $350,000

      Businesspeople                                                                   $550,000

      Women                                                                               $250,000

      Professionals and white-collar workers                              $200,000

      Blue-collar workers                                                             $250,000

___________________________________________________________________________

There is up to $800,000 available for these special campaigns.

(a)    Are the market segments listed in the table collectively exhaustive? Are they mutually exclusive?

(b)   Make a collectively exhaustive and mutually exclusive list of the possible events of the spending decision.

(c)    Suppose the company has decided to spend the entire $800,000 on special campaigns. Does this change your answer to part (b)? If so, what is your new answer? 

 

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