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ECON 3400 FINAL EXAM

ECON 3400 FINAL EXAM

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ECON 3400Final ExamBrooklyn CollegeProf. Lu1. Probability(15 Points)Of the cars on a used car lot, 80% have air conditioning (AC) and 50% have a GPS. 30% of thecars have both.a. Fill the following contingency table. (5 points)ACGPSNo ACTotal0.30.50.81.0No GPSTotalb. What is the probability that a car has a GPS, given that it has AC?i.e., we want to find P (GPS | AC) (5 points)c. What is the probability that a car has either a GPS or AC?i.e., we want to find P (GPS ∪ AC) (5 points)1ECON 3400Final ExamBrooklyn CollegeProf. Lu2. Discrete Probability Distribution (20 Points)The J.R. Ryland Computer Company is considering a plant expansion to enable the companyto begin production of a new computer product. The company’s president must determinewhether to make the expansion a medium- or large- scale project. Demand for the newproduct is uncertain, which for planning purposes may be low demand, medium demand, orhigh demand. The probability estimates for demand are .20, .50, and .30, respectively. Lettingx and y indicate the annual profit in thousands of dollars, the firm’s planners developed thefollowing profit forecasts for the medium- and large- scale expansion projects.DemandMedium-ScaleExpansion Profit(x)50

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