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Subject:
economic
Category: Business and Money > Economics Asked by: makbool-ga List Price: $2.50 |
Posted:
20 Aug 2003 18:43 PDT
Expires: 19 Sep 2003 18:43 PDT Question ID: 247106 |
Hi have i answered this question correctly Given that P(X) = 0.5 P(Y) = 0.6 P(Y/X) = 0.9 find probabilites for a. P(X and Y) my answer: P(X) P(Y/X) = 0.5 * 0.9 = 0.45 B. P(X or Y) my anwser P (X or y) = P(X) + P(Y) - P(X and B) = 0.5 + 0.6 - 0.45 = 0.65 c. P(X/Y) not sure about this one thanks for your help makbool |
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Subject:
Re: economic
Answered By: livioflores-ga on 20 Aug 2003 21:30 PDT Rated: ![]() |
Hi makbool!! The topic here is Conditional Probability, and the answer of the problem c) is given in the solution of the problem a)!!: You know that P(X and Y) = P(X) . P(Y/X) ; then P(Y/X) = P(X and Y) / P(X) then P(X/Y) = P(X and Y) / P(Y) Why? Both events X and Y are Not Independent, so if you want to know the probability that event X and event Y occur you must multiply the probability that event X occur by the probability that event Y occur GIVEN that event X has occured already. This is because for the event (X and Y) it must be that the event X occur (and the probability of this is P(X)), and then GIVEN X it must be that the event Y occur (and the probability of this is P(Y/X)); then P(X and Y) = P(X) . P(Y/X) But here is the trick!!! We can use first any of the events X or Y, in other words: ...for the event (X and Y) it must be that the event Y occur (and the probability of this is P(Y)), and then GIVEN Y it must be that the event X occur (and the probability of this is P(X/Y)); then P(X and Y) = P(Y) . P(X/Y) From the last formula we can obtain P(X/Y): P(X/Y) = P(X and Y) / P(Y) For the problem c) we have: P(X/Y) = 0.45 / 0.6 = 0.75 I hope this helps you. Please donīt hesitate to request for an answer clarification if you need it. Regards. livioflores-ga |
makbool-ga
rated this answer:![]() thanks for clarification makbool |
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