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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
economics theory describes individual behavior as the result of a process of optimization under constraints the objective to be reached being determined by
Kalkidan
Economics is a branch of social science that deal with How to wise use of resource ,s
Kassie
need
WARKISA
Economic Needs: In economics, needs are goods or services that are necessary for maintaining a certain standard of living. This includes things like healthcare, education, and transportation.
Money market is a branch or segment of financial market where short-term debt instruments are traded upon. The instruments in this market includes Treasury bills, Bonds, Commercial Papers, Call money among other.
