SOLUTION: Several major automobile producers are competing to have the largest market share for sport utility vehicles (SUVs) in the coming quarter. A professional automobile market analyst

Question 1033668: Several major automobile producers are competing to have the largest market share for sport utility vehicles (SUVs) in the coming quarter. A professional automobile market analyst assess that the odds of General Motors NOT being the market leader are 6 to 1. The odds against Toyota and Ford having the largest market share in the coming quarter are similarly assesed to be 12 to 5 and 8 to 3 respectively.
a) Find the probability that General Motors will have the largest market share for SUVs in the coming quarter.
b) Find the the probability that Toyota will have the largest market share for SUVs in the coming quarter.
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
the odds against general motors are 6 to 1.
the probability it will not be general motors is therefore 6 / 7.
this means the probability it will be general motors is 1 / 7.

the odds against toyota are 12 to 5.
the probability it will not be toyota is therefore 12 / 17.
this means the probability it will be toyota is 5 / 17.

the odds against ford are 8 to 3.
the probability it will not be ford is therefore 8 / 11.
this means the probability it will be ford is 3 / 11.

a) Find the probability that General Motors will have the largest market share for SUVs in the coming quarter.
answer is 1/7.

b) Find the the probability that Toyota will have the largest market share for SUVs in the coming quarter.
answer is 5/17.

about the simplest explanation of odds and probabilities can be found here:
http://www.had2know.com/academics/calculate-odds-probability.html

let s = number of successes.
let f = number of failures.

probability of success = s / (s+f)

probability of failure = f / (s+f)

odds in favor of success = s / f

odds against success = f / s

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