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References

“Countries List by Continent.” Worldatlas, 2013. Available online at http://www.worldatlas.com/cntycont.htm (accessed May 2, 2013).

Chapter review

In this module we learned the basic terminology of probability. The set of all possible outcomes of an experiment is called the sample space. Events are subsets of the sample space, and they are assigned a probability that is a number between zero and one, inclusive.

Formula review

A and B are events

P ( S ) = 1 where S is the sample space

0 ≤ P ( A ) ≤ 1

P ( A | B ) = P ( A AND B ) P ( B )

In a particular college class, there are male and female students. Some students have long hair and some students have short hair. Write the symbols for the probabilities of the events for parts a through j. (Note that you cannot find numerical answers here. You were not given enough information to find any probability values yet; concentrate on understanding the symbols.)

  • Let F be the event that a student is female.
  • Let M be the event that a student is male.
  • Let S be the event that a student has short hair.
  • Let L be the event that a student has long hair.
  1. The probability that a student does not have long hair.
  2. The probability that a student is male or has short hair.
  3. The probability that a student is a female and has long hair.
  4. The probability that a student is male, given that the student has long hair.
  5. The probability that a student has long hair, given that the student is male.
  6. Of all the female students, the probability that a student has short hair.
  7. Of all students with long hair, the probability that a student is female.
  8. The probability that a student is female or has long hair.
  9. The probability that a randomly selected student is a male student with short hair.
  10. The probability that a student is female.
  1. P ( L′ ) = P ( S )
  2. P ( M OR S )
  3. P ( F AND L )
  4. P ( M | L )
  5. P ( L | M )
  6. P ( S | F )
  7. P ( F | L )
  8. P ( F OR L )
  9. P ( M AND S )
  10. P ( F )
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Use the following information to answer the next four exercises. A box is filled with several party favors. It contains 12 hats, 15 noisemakers, ten finger traps, and five bags of confetti.
Let H = the event of getting a hat.
Let N = the event of getting a noisemaker.
Let F = the event of getting a finger trap.
Let C = the event of getting a bag of confetti.

Find P ( N ).

P ( N ) = 15 42 = 5 14 = 0.36

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Find P ( C ).

P ( C ) = 5 42 = 0.12

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Use the following information to answer the next six exercises. A jar of 150 jelly beans contains 22 red jelly beans, 38 yellow, 20 green, 28 purple, 26 blue, and the rest are orange.
Let B = the event of getting a blue jelly bean
Let G = the event of getting a green jelly bean.
Let O = the event of getting an orange jelly bean.
Let P = the event of getting a purple jelly bean.
Let R = the event of getting a red jelly bean.
Let Y = the event of getting a yellow jelly bean.

Find P ( G ).

P ( G ) = 20 150 = 2 15 = 0.13

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Find P ( R ).

P ( R ) = 22 150 = 11 75 = 0.15

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Find P ( O ).

P ( O ) = 150 - 22 - 38 - 20 - 28 - 26 150 = 16 150 = 8 75 = 0.11

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Use the following information to answer the next six exercises. There are 23 countries in North America, 12 countries in South America, 47 countries in Europe, 44 countries in Asia, 54 countries in Africa, and 14 in Oceania (Pacific Ocean region).
Let A = the event that a country is in Asia.
Let E = the event that a country is in Europe.
Let F = the event that a country is in Africa.
Let N = the event that a country is in North America.
Let O = the event that a country is in Oceania.
Let S = the event that a country is in South America.

Questions & Answers

it is the relatively stable flow of income
Chidubem Reply
what is circular flow of income
Divine Reply
branches of macroeconomics
SHEDRACK Reply
what is Flexible exchang rate?
poudel Reply
is gdp a reliable measurement of wealth
Atega Reply
introduction to econometrics
Husseini Reply
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Mahesh
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Tom
Why is unemployment rate never zero at full employment?
Priyanka Reply
bcoz of existence of frictional unemployment in our economy.
Umashankar
what is flexible exchang rate?
poudel
due to existence of the pple with disabilities
Abdulraufu
the demand of a good rises, causing the demand for another good to fall
Rushawn Reply
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.
Geetha Reply
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.
Waeth
discus major problems of macroeconomics
Alii Reply
what is the problem of macroeconomics
Yoal
Economic growth Stable prices and low unemployment
Ephraim
explain inflationcause and itis degre
Miresa Reply
what is inflation
Getu
increase in general price levels
WEETO
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?
Chisomo Reply
how to calculate actual output?
Chisomo
how to calculate the equilibrium income
Beshir
Criteria for determining money supply
Thapase Reply
who we can define macroeconomics in one line
Muhammad
Aggregate demand
Mohammed
C=k100 +9y and i=k50.calculate the equilibrium level of output
Mercy Reply
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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
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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.
Galge Reply
if interest rate is increased this will will reduce the level of income shifting the curve to the left ◀️
Kalombe
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Source:  OpenStax, Introductory statistics. OpenStax CNX. May 06, 2016 Download for free at http://legacy.cnx.org/content/col11562/1.18
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