Question


insurance as High (Normal (N) or Low (L). The probubility oflow demand this yer is 035 while the probability of mormal demand is 0.5S, Find te peobability of high demand
0 0
Add a comment Improve this question Transcribed image text
Answer #1

Question 3

Here sum of probability of any kind of demand is equal to 1.

Pr(High Demand) + Pr(Normal Demand) + Pr(Low Demand) = 1

Pr(High Demand) + 0.50 + 0.35 = 1

Pr(High Demand) = 0.15

Probability of high demand is equal to 0.15.

Add a comment
Know the answer?
Add Answer to:
insurance as High (Normal (N) or Low (L). The probubility oflow demand this yer is 035...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT