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Construct a probability model for tossing a fair coin.

Outcome Probability
Roll of 1
Roll of 2
Roll of 3
Roll of 4
Roll of 5
Roll of 6
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Computing probabilities of equally likely outcomes

Let S be a sample space for an experiment. When investigating probability, an event is any subset of S . When the outcomes of an experiment are all equally likely, we can find the probability of an event by dividing the number of outcomes in the event by the total number of outcomes in S . Suppose a number cube is rolled, and we are interested in finding the probability of the event “rolling a number less than or equal to 4.” There are 4 possible outcomes in the event and 6 possible outcomes in S , so the probability of the event is 4 6 = 2 3 .

Computing the probability of an event with equally likely outcomes

The probability of an event E in an experiment with sample space S with equally likely outcomes is given by

P ( E ) = number of elements in  E number of elements in  S = n ( E ) n ( S )

E is a subset of S , so it is always true that 0 P ( E ) 1.

Computing the probability of an event with equally likely outcomes

A number cube is rolled. Find the probability of rolling an odd number.

The event “rolling an odd number” contains three outcomes. There are 6 equally likely outcomes in the sample space. Divide to find the probability of the event.

P ( E ) = 3 6 = 1 2
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A number cube is rolled. Find the probability of rolling a number greater than 2.

2 3

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Computing the probability of the union of two events

We are often interested in finding the probability that one of multiple events occurs. Suppose we are playing a card game, and we will win if the next card drawn is either a heart or a king. We would be interested in finding the probability of the next card being a heart or a king. The union of two events     E  and  F , written  E F , is the event that occurs if either or both events occur.

P ( E F ) = P ( E ) + P ( F ) P ( E F )

Suppose the spinner in [link] is spun. We want to find the probability of spinning orange or spinning a b .

A pie chart with six pieces with two a's colored orange, one b colored orange and another b colored red, one d colored blue, and one c colored green.

There are a total of 6 sections, and 3 of them are orange. So the probability of spinning orange is 3 6 = 1 2 . There are a total of 6 sections, and 2 of them have a b . So the probability of spinning a b is 2 6 = 1 3 . If we added these two probabilities, we would be counting the sector that is both orange and a b twice. To find the probability of spinning an orange or a b , we need to subtract the probability that the sector is both orange and has a b .

1 2 + 1 3 1 6 = 2 3

The probability of spinning orange or a b is 2 3 .

Probability of the union of two events

The probability of the union of two events E and F (written E F ) equals the sum of the probability of E and the probability of F minus the probability of E and F occurring together ( which is called the intersection of E and F and is written as E F ).

P ( E F ) = P ( E ) + P ( F ) P ( E F )

Computing the probability of the union of two events

A card is drawn from a standard deck. Find the probability of drawing a heart or a 7.

A standard deck contains an equal number of hearts, diamonds, clubs, and spades. So the probability of drawing a heart is 1 4 . There are four 7s in a standard deck, and there are a total of 52 cards. So the probability of drawing a 7 is 1 13 .

The only card in the deck that is both a heart and a 7 is the 7 of hearts, so the probability of drawing both a heart and a 7 is 1 52 . Substitute P ( H ) = 1 4 ,   P ( 7 ) = 1 13 ,   and   P ( H 7 ) = 1 52 into the formula.

P ( E F ) = P ( E ) + P ( F ) P ( E F )                 = 1 4 + 1 13 1 52                 = 4 13

The probability of drawing a heart or a 7 is 4 13 .

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Questions & Answers

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Quantity demanded refers to the specific amount of a good or service that consumers are willing and able to purchase at a give price and within a specific time period. Demand, on the other hand, is a broader concept that encompasses the entire relationship between price and quantity demanded
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Economic growth as an increase in the production and consumption of goods and services within an economy.but Economic development as a broader concept that encompasses not only economic growth but also social & human well being.
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In economics, the contract curve refers to the set of points in an Edgeworth box diagram where both parties involved in a trade cannot be made better off without making one of them worse off. It represents the Pareto efficient allocations of goods between two individuals or entities, where neither p
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In economics, the contract curve refers to the set of points in an Edgeworth box diagram where both parties involved in a trade cannot be made better off without making one of them worse off. It represents the Pareto efficient allocations of goods between two individuals or entities,
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Suppose a consumer consuming two commodities X and Y has The following utility function u=X0.4 Y0.6. If the price of the X and Y are 2 and 3 respectively and income Constraint is birr 50. A,Calculate quantities of x and y which maximize utility. B,Calculate value of Lagrange multiplier. C,Calculate quantities of X and Y consumed with a given price. D,alculate optimum level of output .
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Answer
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suppose the production function is given by ( L, K)=L¼K¾.assuming capital is fixed find APL and MPL. consider the following short run production function:Q=6L²-0.4L³ a) find the value of L that maximizes output b)find the value of L that maximizes marginal product
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Source:  OpenStax, College algebra. OpenStax CNX. Feb 06, 2015 Download for free at https://legacy.cnx.org/content/col11759/1.3
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