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1.Briefly, what is probability (include in this the 3 “types” of probability discussed in the early part of the chapter).2.Please (1) work the following problems, (2) tell me what rule or principle you used to solve them and (3) then look at others’ answers to check yourself and that person — let’s see if we can come to consensus on them!3.An investor buys 100 shares of AT&T stock and records the price changes daily.a.List several possible events (see your text for this term) for this experiment.b.Estimate the probability for each event you described in part a.c.Which concept of probability did your use in part b?4.A study by the National Park Service revealed that 50 percent of vacationers going to the Rocky Mountain region visited Yellowstone Park, 40 percent visit the Tetons, and 35 percent visit both.a.What is the probability a vacationer will visit at least one of these attractions?b.What is the probability .35 called?c.Are the events mutually exclusive? Explain.5.An investor owns three common stocks. Each stock, independent of the others, has equally likely chances of (1) increasing in value, (2) decreasing in value, or (3) remaining the same value. List the possible outcomes of this experiment. Estimate the probability at least two of the stocks increase in value.6.A telephone number consists of seven digits, the first three representing the exchange. How many different telephone numbers are possible within the 537 exchange?7.A company is creating three new divisions and seven managers are eligible to be appointed head of a division. How many different ways could the three new heads be appointed? Hint: assume the division assignment makes a difference.
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