You work for a large global management consulting company. Of the entire workforce of analysts, $55 \%$ have had no experience in the telecommunications industry, $32 \%$ have had limited experience (less than 5 years), and the rest have had extensive experience (5 years or more). On a new project, you and two other analysts were selected at random to constitute a team. It turns out that part of the project involves telecommunications. What is the possibility that the first teammate you meet has:

a) Extensive telecommunications experience?

You work for a large global management consulting company. Of the entire workforce of analysts, $55 \%$ have had no experience in the telecommunications industry, $32 \%$ have had limited experience (less than 5 years), and the rest have had extensive experience (5 years or more). On a new project, you and two other analysts were selected at random to constitute a team. It turns out that part of the project involves telecommunications. What is the possibility that the first teammate you meet has:

c) No more than limited telecommunications experience?

You work for a large global management consulting company. Of the entire workforce of analysts, $55 \%$ have had no experience in the telecommunications industry, $32 \%$ have had limited experience (less than 5 years), and the rest have had extensive experience (5 years or more). On a new project, you and two other analysts were selected at random to constitute a team. It turns out that part of the project involves telecommunications. You are assigned to be part of a team of three analysts of a global management consulting company. What is the possibility that your other two teammates:

b) Both have some telecommunications experience?

You work for a large global management consulting company. Of the entire workforce of analysts, $55 \%$ have had no experience in the telecommunications industry, $32 \%$ have had limited experience (less than 5 years), and the rest have had extensive experience (5 years or more). On a new project, you and two other analysts were selected at random to constitute a team. It turns out that part of the project involves telecommunications. You are assigned to be part of a team of three analysts of a global management consulting company. What is the possibility that your other two teammates:

a) Neither has any telecommunications experience.

An investment newsletter makes general predictions about the economy to help its clients make sound investment decisions.

a) Lately they said that since the stock market had been up for the past three months in a row it was "due for a correction" and advised their client to reduce their holdings. What "law" are they applying? Comment.

You work for a large global management consulting company. Of the entire workforce of analysts, $55 \%$ have had no experience in the telecommunications industry, $32 \%$ have had limited experience (less than 5 years), and the rest have had extensive experience (5 years or more). On a new project, you and two other analysts were selected at random to constitute a team. It turns out that part of the project involves telecommunications. What is the possibility that the first teammate you meet has:

b) Some telecommunications experience?

An investment newsletter makes general predictions about the economy to help its clients make sound investment decisions.

b) They advised buying a stock that had gone down in the past four sessions since they said that it was clearly "due to bounce back." What "law" are they applying? Comment.

The CEO of a mid-sized company has to relocate to another part of the country. To make it easier, the company has hired a relocation agency to help purchase a house. The CEO has 5 children and so has specified that the house has at least 5 bedrooms, but hasn't put any other constraints on the search. The relocation agency has narrowed the search down to the houses on the table and has chosen one house to showcase to the CEO and family on their trip out to the new site. The agency doesn't know it, but the family has its heart set on a Cape Cod house with a fireplace. If the agency chose the house at random, without regard to this:

a) What is the possibility that the selected house is a Cape Cod?

The CEO of a mid-sized company has to relocate to another part of the country. To make it easier, the company has hired a relocation agency to help purchase a house. The CEO has 5 children and so has specified that the house has at least 5 bedrooms, but hasn't put any other constraints on the search. The relocation agency has narrowed the search down to the houses on the table and has chosen one house to showcase to the CEO and family on their trip out to the new site. The agency doesn't know it, but the family has its heart set on a Cape Cod house with a fireplace. If the agency chose the house at random, without regard to this:

b) What is the chance that the house is a Colonial with a fireplace?

A company has developed a drug test to detect steroid use by athletes. The test is accurate 95% of the time when an athlete has taken steroids. It is 97% accurate when an athlete hasn't taken steroids. Suppose that the drug test will be used in a population of athletes in which 10% have taken steroids. Let's choose an athlete at random and administer the drug test. Suppose that the chosen athlete tests positive. What's the probability that he or she used steroids?

The CEO of a mid-sized company has to relocate to another part of the country. To make it easier, the company has hired a relocation agency to help purchase a house. The CEO has 5 children and so has specified that the house has at least 5 bedrooms, but hasn't put any other constraints on the search. The relocation agency has narrowed the search down to the houses on the table and has chosen one house to showcase to the CEO and family on their trip out to the new site. The agency doesn't know it, but the family has its heart set on a Cape Cod house with a fireplace. If the agency chose the house at random, without regard to this:

d) What is the possibility that the selected house is what the family wants?

The CEO of a mid-sized company has to relocate to another part of the country. To make it easier, the company has hired a relocation agency to help purchase a house. The CEO has 5 children and so has specified that the house has at least 5 bedrooms, but hasn't put any other constraints on the search. The relocation agency has narrowed the search down to the houses on the table and has chosen one house to showcase to the CEO and family on their trip out to the new site. The agency doesn't know it, but the family has its heart set on a Cape Cod house with a fireplace. If the agency chose the house at random, without regard to this:

c) If the house is a Cape Cod, what is the possibility that it has a fireplace?

A company that manufactures and sells consumer video cameras sells two versions of their popular hard disk camera, a basic camera for $\$ 750$, and a deluxe version for $\$ 1250$. About $75 \%$ of customers choose the basic camera. Of those, $60 \%$ purchase the extended warranty for an additional $\$ 200$. Of the people who buy the deluxe version, $90 \%$ purchase the extended warranty.

b) What is the percentage of customers who buy an extended warranty?

A company that manufactures and sells customer video cameras sells models of hard disk camera, a basic model for $750 and a deluxe model for$1250. About 70% of customers that buy one of the products select the basic model. Of those, 20% purchase the extended warranty. Of the people who buy the deluxe model, 40% purchase the extended warranty. Given that a customer purchases an extended warranty, what is the probability that he or she bought the deluxe model?