Indicate which interpretation of the probability statement seems most appropriate....

Indicate which interpretation of the probability statement seems most appropriate.

a. The National Angus Association has stated that there is a 60/40 chance that whole sale beef prices will rise by the summer—that is, a .60 probability of an increase and a .40 probability of a decrease.

b. The quality control section of a large chemical manufacturing company has undertaken an intensive process-validation study. From this study, the QC section claims that the probability that the shelf life of a newly released batch of chemical will exceed the minimal time specified is .998.

c. A new blend of coffee is being contemplated for release by the marketing division of a large corporation. Preliminary marketing survey results indicate that 550 of a random sample of 1,000 potential users rated this new blend better than a brand name competitor. The probability of this happening is approximately .001, assuming that there is actually no difference in consumer preference for the two brands.

d. The probability that a customer will receive a package the day after it was sent by a business using an “overnight” delivery service is .92.

e. The sportscaster in College Station, Texas, states that the probability that the Aggies will win their football game against the University of Florida is .75.

f. The probability of a nuclear power plant having a meltdown on a given day is .00001.

g. If a customer purchases a single ticket for the Texas lottery, the probability of that ticket being the winning ticket is 1/15,890,700.