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Probabilities of Events

1. What are the steps I need to calculate probability of events occurring?

2. Could you apply these steps to the following example: A fair die is tossed, and the up face is observed. If the face is even, you win $5. Otherwise, you lose $5? What is the probability?

Solution Preview

1. What are the steps I need to calculate probability of events occurring?

It may be helpful for us to begin by listing the steps for calculating probabilities of events. The steps are as follows:

1. Define the experiment, i.e., describe the process used to make an observation and the type of observations that will be recorded.
2. List the simple events.
3. Assign probabilities to the simple events.
4. Determine the collection of simple events contained in the event of interest.
5. Sum the simple ...

Solution Summary

This solution provides the five-step model used to solve probability problems, and then applies these five steps to one specific probability problem.

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