Question

Survey of top executives revealed that 35% of them regularly read Time magazine, 20% read Newsweek, and 40% read U.S. News & World Report. A total of 10% read both Time and U.S. News & World Report.

1) What is the probability that a particular top executive reads either Time or U.S. News & World Report regularly?
2) What is the probability 0.10 called?
3) Are the events mutually exclusive ? Explain

Answer 1

1) the probability that the executive reads Time magazine = 0.35

the probability that the executive reads U.S. News & World Report = 0.40

the probability that he/she reads both = 0.10

the probability that the executive reads either Time or U.S. News & World Report = 0.35 + 0.40 - 0.10 = 0.65 = 65%

2) intersection

3) they are not mutually exclusive, they are independent from each other, i.e. the executive can read Time magazine first and then US News and World Report, vice versa, or only read one of them