Solution 1 Economics 240a Week 1 1 1 Probability Assignment You are advising an e commerce company that is trying to understand how customers behave on their
Solution Economics a Week Probability Assignment You are advising an e commerce company that is trying to
Solution Economics a Week Probability Assignment You are advising an e commerce company
Probability Assignment You are advising an e commerce company that is trying to understand how customers behave on their
Solution Economics a Week Probability Assignment You are advising an e
commerce company that is trying to understand how customers behave on their
Solution Economics a Week Probability Assignment You are
Solution Economics a Week
(Solution) 1 Economics 240a: Week 1 1.1 Probability Assignment You are advising an e-commerce company that is trying to understand how customers behave on their...

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I want to know the process to the answer, so I can compare with mine1 Economics 240a: Week 1 1.1 Probability Assignment You are advising an e-commerce company that is trying to understand how customers behave on their website. The company sells Three Stooges memorabilia and has provided you with some sales data from which you have determined some basic probabilities: • There is a 27% chance that a customer will buy a Curly wig. • There is a 33% chance that a customer will buy a bronze bust of Moe . • There is a 29% chance that a customer will buy Larry boxer shorts. Some more data processing reveals that: • There is a 10% chance that a customer will buy the wig and bronze bust. • There is a 13% chance that a customer will buy the wig and boxer shorts. • There is a 9% chance that a customer will buy the bronze bust and boxer shorts. Finally there is a 6% that a customer will buy all three items. Using only the above information, you need to determine: 1. What is the probability that a customer will not buy anything? ( Hint : Determine the probability that a customer will buy one or more items) 2. What is the probability that a customer will buy exactly one item? Show your work using both raw numbers and set notation. 1.2 Conditional Probability and Bayes Rule The same company is trying to direct tra?c to their sister site- Lady Stooge - by posting an ad for a matching Lady Larry camisole and boyshort. The data show that 15% of customers who see the add will visit the site. 8% of customers who do not see the add will visit the site anyway (they hear about it from an exogenous 3rd party). The Lady Stooge site is new, and the advertisement link is only visible 90% the time. Hint: You only need the information in this problem to answer the questions. You can ignore the information in the previous problem 1. What is the probability that a customer will not visit the Lady Stooge site? 2. If a customer visits the site, what is the probability they clicked on the Lady Stooge ad? Show your work using both raw numbers and set notation. 1

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