This module introduces the contingency table as a way of determining conditional probabilities.
A
contingency table provides a way of portraying data that can facilitate calculating probabilities. The table helps in determining conditional probabilities quite easily. The table displays sample values in relation to two different variables that may be dependent or contingent on one another. Later on, we will use contingency tables again, but in another manner.
Contingincy tables provide a way of portraying data that can facilitate calculating probabilities.
Suppose a study of speeding violations and drivers who use car phones produced the following fictional data:
Speeding violation
in the last year
No speeding violation
in the last year
Total
Car phone user
25
280
305
Not a car phone user
45
405
450
Total
70
685
755
The total number of people in the sample is 755. The row totals are 305 and 450. The column totals are 70 and 685. Notice that
and
.
Calculate the following probabilities using the table
Find the probability that a person is male given that the person prefers hiking near lakes and streams. Let
= being male and let
= prefers hiking near lakes and streams.
What word tells you this is a conditional?
Fill in the blanks and calculate the probability:
.
Is the sample space for this problem all 100 hikers? If not, what is it?
The word 'given' tells you that this is a conditional.
Muddy Mouse lives in a cage with 3 doors. If Muddy goes out the first door, the probability that he gets caught by Alissa the cat is
and the probability he is not caught is
. If he goes out the second door, the probability he gets caught by Alissa is
and the probability he is not caught is
. The probability that Alissa catches Muddy coming out of the third door is
and the probability she does not catch Muddy is
. It is equally likely that Muddy will choose any of the three doors so the probability of choosing each door is
.
Door choice
Caught or Not
Door One
Door Two
Door Three
Total
Caught
____
Not Caught
____
Total
____
____
____
1
The first entry
is
.
The entry
is
.
Verify the remaining entries.
Complete the probability contingency table. Calculate the entries for the totals. Verify that the lower-right corner entry is 1.
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
