Explore BrainMass
Share

Explore BrainMass

    Probability for mutually exclusive and independent events

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    The probability of getting a big order currently under negotiation is 0.4. The probability of losing money this quarter is 0.5.

    a. Assuming that these are mutually exclusive events. Find the probability of getting the order or losing money.

    b. Assuming that these are mutually exclusive events.Does this rule out the possibility that you fail to get the order and make money this quarter?

    c. Now assume instead that the events "get the order" and "lose money" are independent (since the order will not show up in this quarter's financial statements). Find the probability of getting the order and losing the money.

    d. Now assume instead that the probability of getting the order and losing the money is 0.1. Are the events "get the order" and "lose money" independent???? How do you know??

    © BrainMass Inc. brainmass.com October 10, 2019, 12:53 am ad1c9bdddf
    https://brainmass.com/statistics/probability/probability-for-mutually-exclusive-and-independent-events-311798

    Solution Preview

    The probability of getting a big order currently under negotiation is 0.4. The probability of losing money this quarter is 0.5.

    a. Assuming that these are mutually exclusive events. Find the probability of getting the order or losing money.
    Let
    A= getting a big order currently under negotiation
    B= losing money this quarter
    For mutually exclusive events A and B
    P(A or B) = P(A) + P (B)
    P(A)= 0.4
    P(B)= 0.5
    P(getting the order ...

    Solution Summary

    Computes probability for mutually exclusive and independent events.

    $2.19