Several major automobile producers are competing to have the largest market shar

Question

Several major automobile producers are competing to have the largest market share for sport utility vehicles (SUVs) in the coming quarter. A professional automobile market analyst assesses that the odds of General Motors not being the market leader are 6 to 1. The odds against Toyota and Ford having the largest market share in the coming quarter are similarly assessed to be 12 to 5 and 8 to 3, respectively. a. Find the probability that General Motors will have the largest market share for SUVs in the coming quarter. b. Find the probability that Toyota will have the largest market share for SUVs in the coming quarter. c. Find the probability that Ford will have the largest market share for SUVs in the coming quarter. d. Find the probability that some other automobile manufacturer will have the largest market share for SUVs in the coming quarter.

Explanation / Answer

Answer a. the odds against general motors are 6 to 1. the probability it will not be general motors is therefore 6 / 7. this means the probability it will be general motors is 1 / 7. Answer b. the odds against toyota are 12 to 5. the probability it will not be toyota is therefore 12 / 17. this means the probability it will be toyota is 5 / 17. Answer c. the odds against ford are 8 to 3. the probability it will not be ford is therefore 8 / 11. this means the probability it will be ford is 3 / 11. Answer d. Probability of Some Other Manufacturer = 6/7 X 12/17 X 8/11 = 576/1309

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