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Key equations
probability of an event with equally likely outcomes
probability of the union of two events
probability of the union of mutually exclusive events
probability of the complement of an event
Key concepts
Probability is always a number between 0 and 1, where 0 means an event is impossible and 1 means an event is certain.
The probabilities in a probability model must sum to 1. See
[link] .
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 the sample space for the experiment. See
[link] .
To find the probability of the union of two events, we add the probabilities of the two events and subtract the probability that both events occur simultaneously. See
[link] .
To find the probability of the union of two mutually exclusive events, we add the probabilities of each of the events. See
[link] .
The probability of the complement of an event is the difference between 1 and the probability that the event occurs. See
[link] .
In some probability problems, we need to use permutations and combinations to find the number of elements in events and sample spaces. See
[link] .
Section exercises
Verbal
What term is used to express the likelihood of an event occurring? Are there restrictions on its values? If so, what are they? If not, explain.
probability; The probability of an event is restricted to values between
and
inclusive of
and
The
union of two sets is defined as a set of elements that are present in at least one of the sets. How is this similar to the definition used for the
union of two events from a probability model? How is it different?
The probability of the
union of two events occurring is a number that describes the likelihood that at least one of the events from a probability model occurs. In both a union of sets
and a union of events
the union includes either
or both. The difference is that a union of sets results in another set, while the union of events is a probability, so it is always a numerical value between
and
is it possible to leave every good at the same level
Joseph
I don't think so. because check it, if the demand for chicken increases, people will no longer consume fish like they used to causing a fall in the demand for fish
Anuolu
is not really possible to let the value of a goods to be same at the same time.....
Salome
Suppose the inflation rate is 6%, does it mean that all the goods you purchase will cost
6% more than previous year? Provide with reasoning.
Not necessarily. To measure the inflation rate economists normally use an averaged price index of a basket of certain goods. So if you purchase goods included in the basket, you will notice that you pay 6% more, otherwise not necessarily.
Good day
How do I calculate this question: C= 100+5yd G= 2000 T= 2000 I(planned)=200.
Suppose the actual output is 3000. What is the level of planned expenditures at this level of output?
I am Camara from Guinea west Africa... happy to meet you guys here
Sekou
ma management ho
Amisha
ahile becheclor ho
Amisha
hjr ktm bta ho
ani k kaam grnu hunxa tw
Amisha
belatari
Amisha
1st year ho
Amisha
nd u
Amisha
ahh
Amisha
kaha biratnagar
Amisha
ys
Amisha
kina k vo
Amisha
money as unit of account means what?
Kalombe
A unit of account is something that can be used to value goods and services and make calculations
Jim
all of you please speak in English I can't understand you're language
Muhammad
I want to know how can we define macroeconomics in one line
Muhammad
it must be .9 or 0.9
no Mpc is greater than 1
Y=100+.9Y+50
Y-.9Y=150
0.1Y/0.1=150/0.1
Y=1500
Kalombe
Mercy is it clear?😋
Kalombe
hi can someone help me on this question
If a negative shocks shifts the IS curve to the left, what type of policy do you suggest so as to stabilize the level of output?
discuss your answer using appropriate graph.
