BUEC 232 Lecture Notes - Lecture 9: Collectively Exhaustive Events, Algebraic Extension, Conditional Probability

• School: Simon Fraser University
• Department: Business Economics
• Course: BUEC 232
• Professor: Andrew Flostrand

Document Summary

When we re arrange the conditional probability equation, we can find out the answer for the joint probability when conditional probability and marginal probability are given. Special case: when a and b are independent, the equation simplifies as multiplication of the two events = p(a) p(b) Algebraic extension of conditional probability using addition rule. Probability of event you are interested in divided by all the possible events. Updates its probability information by adding in new information: guessing gets better and better with new information that is being added, provides with strong opinion on a probability as more info is given. Recognize the situation and fill in the blank for midterm. Recognize the situation and apply the numbers to the equation midterm.