Question

For each of the following four statements, indicate whether it is possible or not according to probability theory. Explain your answer. (1) The probability that a customer will buy 5 items in a single purchase is 30% ___________________________ (2) The probability that a customer will buy 3 items in a single purchase is 101% ___________________________ (3) The probability that a customer will buy 3 items in a single purchase is 99% ___________________________ (4) The probability that a customer will buy 8 item

Answer 1

a) According to probability theory, the following are possible:

(1) The probability that a customer will buy 5 items in a single purchase is 30%. This represents a 0.30 chance of the customer buying 5 items.

(3) The probability that a customer will buy 3 items in a single purchase is 99% This means that there a 0.99 chance that the customer will buy 3 items.

b) According to probability theory, the following are not possible:

2) The probability that a customer will buy 3 items in a single purchase is 101%. Probability is always equal to 1 or 100%. It cannot exceed 100%.

(4) The probability that a customer will buy 8 item. This part lacks the necessary information to solve the problem.

Explanation:

Probability describes the likelihood or chance of an event happening out of the many possible events that can take place. The sum of all probabilities for a particular event is always equal to 1. This shows that probability does not exceed 100%.