This module provides a number of homework exercises related to Probability.
Suppose that you have 8 cards. 5 are green and 3 are yellow. The 5 green cards are numbered 1, 2, 3, 4, and 5. The 3 yellow cards are numbered 1, 2, and 3. The cards are well shuffled. You randomly draw one card.
= card drawn is green
= card drawn is even-numbered
List the sample space.
Are
and
mutually exclusive? Justify your answer numerically.
No
Refer to the previous problem. Suppose that this time you randomly draw two cards, one at a time, and
with replacement .
Draw a tree diagram of the situation.
Are
and
independent events? Explain why or why not.
Refer to the previous problems. Suppose that this time you randomly draw two cards, one at a time, and
without replacement .
= first card is green
= second card is green
Draw a tree diagram of the situation.
Are
and
independent events? Explain why or why not.
No
Roll two fair dice. Each die has 6 faces.
List the sample space.
Let
be the event that either a 3 or 4 is rolled first, followed by an even number. Find
.
Let
be the event that the sum of the two rolls is at most 7. Find
.
In words, explain what “
” represents. Find
.
Are
and
mutually exclusive events? Explain your answer in 1 - 3 complete sentences, including numerical justification.
Are
and
independent events? Explain your answer in 1 - 3 complete sentences, including numerical justification.
A special deck of cards has 10 cards. Four are green, three are blue, and three are red. When a card is picked, the color of it is recorded. An experiment consists of first picking a card and then tossing a coin.
List the sample space.
Let
be the event that a blue card is picked first, followed by landing a head on the coin toss. Find
.
Let
be the event that a red or green is picked, followed by landing a head on the coin toss. Are the events
and
mutually exclusive? Explain your answer in 1 - 3 complete sentences, including numerical justification.
Let
be the event that a red or blue is picked, followed by landing a head on the coin toss. Are the events
and
mutually exclusive? Explain your answer in 1 - 3 complete sentences, including numerical justification.
Yes
No
An experiment consists of first rolling a die and then tossing a coin:
List the sample space.
Let
be the event that either a 3 or 4 is rolled first, followed by landing a head on the coin toss. Find
.
Let
be the event that a number less than 2 is rolled, followed by landing a head on the coin toss. Are the events
and
mutually exclusive? Explain your answer in 1 - 3 complete sentences, including numerical justification.
An experiment consists of tossing a nickel, a dime and a quarter. Of interest is the side the coin lands on.
List the sample space.
Let
be the event that there are at least two tails. Find
.
Let
be the event that the first and second tosses land on heads. Are the events
and
mutually exclusive? Explain your answer in 1 - 3 complete sentences, including justification.
Yes
Questions & Answers
differentiate between demand and supply
giving examples
In economics, a perfect market refers to a theoretical construct where all participants have perfect information, goods are homogenous, there are no barriers to entry or exit, and prices are determined solely by supply and demand. It's an idealized model used for analysis,
When MP₁ becomes negative, TP start to decline.
Extuples Suppose that the short-run production function of certain cut-flower firm is given by: Q=4KL-0.6K2 - 0.112 •
Where is quantity of cut flower produced, I is labour input and K is fixed capital input (K-5). Determine the average product of lab
Kelo
Extuples Suppose that the short-run production function of certain cut-flower firm is given by: Q=4KL-0.6K2 - 0.112 •
Where is quantity of cut flower produced, I is labour input and K is fixed capital input (K-5). Determine the average product of labour (APL) and marginal product of labour (MPL)
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
Ezea
ok
Shukri
how do you save a country economic situation when it's falling apart
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.
Shukri
production function means
Jabir
What do you think is more important to focus on when considering inequality ?
sir...I just want to ask one question... Define the term contract curve? if you are free please help me to find this answer 🙏
Asui
it is a curve that we get after connecting the pareto optimal combinations of two consumers after their mutually beneficial trade offs
Awais
thank you so much 👍 sir
Asui
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
Cornelius
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,
Cornelius
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 .
the market for lemon has 10 potential consumers, each having an individual demand curve p=101-10Qi, where p is price in dollar's per cup and Qi is the number of cups demanded per week by the i th consumer.Find the market demand curve using algebra. Draw an individual demand curve and the market dema
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