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Chapter 4 Basic Probability

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Chapter 4 Basic Probability Question and Answer 2023. probability Correct Answer: chance of occurrence (0-1) Ways to Assess Probability Correct Answer: 1. priori 2. empirical 3. subjective priori Correct Answer: - based on prior knowledge P = # of ways event can occur/total number of outcomes Exp. P(random day in 2013 is in Jan) -- 31/365 empirical Correct Answer: # ways event can occur/# of possible ouctomes -- given a frequency table subjective Correct Answer: - based on past experiences/opinions Exp. news reports prospects of politicians simple event Correct Answer: - single characteristic joint event Correct Answer: - 2+ characteristics complement of A Correct Answer: - A' -- all events that are not part of event A sample space Correct Answer: - collection of all possible events Exp. the 52 cards in the deck mutually exclusive Correct Answer: - events that cannot occur simultaneously collectively exhaustive Correct Answer: - one of the events *must* occur

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