Textbook Notes (363,508)
Economics (697)
Chapter 1

# Problems for Chapter 1

2 Pages
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School
Western University
Department
Economics
Course
Economics 2261A/B
Professor
Greg Pavlov
Semester
Spring

Description
HW 2 Due October 10, by 5pm in my o▯ce. You may also turn it in during class. Show your work! Also, please express numeric answers in either decimal form or simpli▯ed (that is, \reduced") fraction form. Non-reduced fractions may be marked as incorrect. 1. Independent events: If A and B are independent events, are A and B also independent? Why or why not? 2. Intersections and Unions of Events: Here is a table of probabilities of the random variable which is described by the number of bugs ying into my eyes on my bike ride home (when I forgot my sunglasses). The Number of Bugs that Flew into My Eyes 0 1 2 3 4 5 Probability 0.1 0.14 0.31 0.21 0.07 0.17 Let A be the event that at least 2 bugs y into my eyes on the way home. Let B be the event that fewer than 4 bugs y into my eye on the way home. 2a. Find the probability of event A. 2b. Find the probability of event B. 2c. Describe (in words) the event that is the complement of event A. 2d. What is the probability of the complement of event A? 2e. Describe (in words) the event that is the intersection of events A and B. 2f. What is the probability of event A intersecting event B? 2g. Describe (in words) what is happening when we consider the union of events A and B. 2h. What is the probability of the union of A and B? 2i. Are A and B mutually exclusive? Are they collectively exhaustive? 3. Probability Tables: Here’s the same table of numbers of bugs that y into my eyes, this time broken down by whether it’s sunny
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