Probability for mutually exclusive and independent events
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??
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
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