The average monthly price of a particular commodity has been found to to be lowest in 6 out of the last 15 years. What is the probability of this being due chance?
2006-11-16 12:38:45 · 9 answers · asked by Anonymous in Science & Mathematics ➔ Mathematics
Please show the calculation.
2006-11-16 13:46:02 · update #1
Correction.
The average montly price has been found to be lowest in February, in 6 out of the last 15 years.....
2006-11-19 11:03:19 · update #2
what does 'due chance' mean?
the us are running a massive budget deficit
which has created an unnatural demand
on the world markets for all kinds of goods
and services,hence bidding the prices
up-if they don't correct fairly soon,1920's
here we come
probability does not come into this i fear
-it is a matter of running a more balanced
budget in the us and the uk
'growth' is not generated by
government spending-it has to be
earned
i hope that this helps
2006-11-16 18:30:51 · answer #1 · answered by Anonymous · 0⤊ 1⤋
What does "lowest" mean? In a sample of 15 numbers, there will often be six that are lower than the other nine. This does not happen when all the numbers have the same value, or if only two values are represented and less than six have the lower value, of course.
But if all the numbers are different, and you rank them in order from lowest to highest, then the probability that the first six will be lower than the other nine is exactly the same as the probability that the first eight will be lower than the other 7 - i.e. a probability of 1.
So, given that it's bound to happen, the probability of it being due to chance is zero.
2006-11-17 00:53:45 · answer #2 · answered by keith 2 · 0⤊ 0⤋
Zero probability.
If this is a homework question from a textbook, ask your teacher to throw the book out and buy a better one. Commodity pricing is based on human expectations and judgements, it has little or no component of chance, any more than the stock market does!
Now if the question was about temperature, or inches of rainfall, it might qualify as a probability question!
2006-11-16 12:45:08 · answer #3 · answered by Anonymous · 0⤊ 0⤋
How many probabilities is there that february is the "lowest month" of one particular year? => 1/12
How many that it is not? => 11/12
So the probabilities that february is the "lowest month" 6 times in 15 years is (1/12)^6 * (11/12)^9=0,000 000 106 %
2006-11-19 12:03:03 · answer #4 · answered by nirgal117 3 · 0⤊ 0⤋
2/5 based upon statistics. But as commodity price is based upon factors like tax, populaity, marketing, public opinion, press coverage... anyway this is why the commodity price will not follow statistics.
2006-11-16 13:05:33 · answer #5 · answered by monkeymanelvis 7 · 0⤊ 0⤋
Probability does not give the correct answer. However it may be 2/5.
2006-11-16 13:01:03 · answer #6 · answered by Push 1 · 0⤊ 0⤋
Nothing to do with statistics or probability.Maybe changes in the world market?
Is this question even for real!?
2006-11-16 14:01:21 · answer #7 · answered by Anonymous · 0⤊ 0⤋
any
2006-11-16 13:58:20 · answer #8 · answered by TheCreatress 4 · 0⤊ 0⤋
um idk what u mean baby
2006-11-16 12:40:29 · answer #9 · answered by Um, okay. 1 · 0⤊ 0⤋