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

Algebra ->  Probability-and-statistics -> 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       Log On


   

Question 1205088: 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 assesses 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 assessed 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 probability that Toyota will have the largest market share for SUVs in the coming quarter.
c) Find the probability that Ford will have the largest market share for SUVs in the coming quarter.
d) Find the probability that some other automobile manufacturer will have the largest market share for SUVs in the coming quarter.
Answer by greenestamps(13209) About Me  (Show Source):
You can put this solution on YOUR website!


From the definition of odds, if the odds against an outcome are A:B, then the probability of the outcome is B/(A+B)

a) General Motors
odds against = 6:1
probability = 1/(6+1) = 1/7

b) Toyota
odds against = 12:5
probability = 5/(12+5) = 5/17

c) Ford
odds against = 8:3
probability = 3/(8+3) = 3/11

d) other
probability = 1 - (1/7 + 5/17 + 3/11)

You can do the arithmetic on that one....