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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
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
