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In this section, you will:
  • Construct probability models.
  • Compute probabilities of equally likely outcomes.
  • Compute probabilities of the union of two events.
  • Use the complement rule to find probabilities.
  • Compute probability using counting theory.
Spaghetti map of the possible paths for a hurricane over the Southeastern United States
An example of a “spaghetti model,” which can be used to predict possible paths of a tropical storm. The figure is for illustrative purposes only and does not model any particular storm.

Residents of the Southeastern United States are all too familiar with charts, known as spaghetti models, such as the one in [link] . They combine a collection of weather data to predict the most likely path of a hurricane. Each colored line represents one possible path. The group of squiggly lines can begin to resemble strands of spaghetti, hence the name. In this section, we will investigate methods for making these types of predictions.

Constructing probability models

Suppose we roll a six-sided number cube. Rolling a number cube is an example of an experiment    , or an activity with an observable result. The numbers on the cube are possible results, or outcomes    , of this experiment. The set of all possible outcomes of an experiment is called the sample space    of the experiment. The sample space for this experiment is { 1 , 2 , 3 , 4 , 5 , 6 } . An event    is any subset of a sample space.

The likelihood of an event is known as probability    . The probability of an event p is a number that always satisfies 0 p 1 , where 0 indicates an impossible event and 1 indicates a certain event. A probability model    is a mathematical description of an experiment listing all possible outcomes and their associated probabilities. For instance, if there is a 1% chance of winning a raffle and a 99% chance of losing the raffle, a probability model would look much like [link] .

Outcome Probability
Winning the raffle 1%
Losing the raffle 99%

The sum of the probabilities listed in a probability model must equal 1, or 100%.

Given a probability event where each event is equally likely, construct a probability model.

  1. Identify every outcome.
  2. Determine the total number of possible outcomes.
  3. Compare each outcome to the total number of possible outcomes.

Constructing a probability model

Construct a probability model for rolling a single, fair die, with the event being the number shown on the die.

Begin by making a list of all possible outcomes for the experiment. The possible outcomes are the numbers that can be rolled: 1, 2, 3, 4, 5, and 6. There are six possible outcomes that make up the sample space.

Assign probabilities to each outcome in the sample space by determining a ratio of the outcome to the number of possible outcomes. There is one of each of the six numbers on the cube, and there is no reason to think that any particular face is more likely to show up than any other one, so the probability of rolling any number is 1 6 .

Outcome Roll of 1 Roll of 2 Roll of 3 Roll of 4 Roll of 5 Roll of 6
Probability 1 6 1 6 1 6 1 6 1 6 1 6
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Do probabilities always have to be expressed as fractions?

No. Probabilities can be expressed as fractions, decimals, or percents. Probability must always be a number between 0 and 1, inclusive of 0 and 1.

Questions & Answers

differentiate between demand and supply giving examples
Lambiv Reply
differentiated between demand and supply using examples
Lambiv
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appreciation
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explain perfect market
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In economics, a perfect market refers to a theoretical construct where all participants have perfect information, goods are homogenous, there are no barriers to entry or exit, and prices are determined solely by supply and demand. It's an idealized model used for analysis,
Ezea
What is ceteris paribus?
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other things being equal
AI-Robot
When MP₁ becomes negative, TP start to decline. Extuples Suppose that the short-run production function of certain cut-flower firm is given by: Q=4KL-0.6K2 - 0.112 • Where is quantity of cut flower produced, I is labour input and K is fixed capital input (K-5). Determine the average product of lab
Kelo
Extuples Suppose that the short-run production function of certain cut-flower firm is given by: Q=4KL-0.6K2 - 0.112 • Where is quantity of cut flower produced, I is labour input and K is fixed capital input (K-5). Determine the average product of labour (APL) and marginal product of labour (MPL)
Kelo
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what is monopoly mean?
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What is different between quantity demand and demand?
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Quantity demanded refers to the specific amount of a good or service that consumers are willing and able to purchase at a give price and within a specific time period. Demand, on the other hand, is a broader concept that encompasses the entire relationship between price and quantity demanded
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Economic growth as an increase in the production and consumption of goods and services within an economy.but Economic development as a broader concept that encompasses not only economic growth but also social & human well being.
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Jabir
What do you think is more important to focus on when considering inequality ?
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it is a curve that we get after connecting the pareto optimal combinations of two consumers after their mutually beneficial trade offs
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In economics, the contract curve refers to the set of points in an Edgeworth box diagram where both parties involved in a trade cannot be made better off without making one of them worse off. It represents the Pareto efficient allocations of goods between two individuals or entities, where neither p
Cornelius
In economics, the contract curve refers to the set of points in an Edgeworth box diagram where both parties involved in a trade cannot be made better off without making one of them worse off. It represents the Pareto efficient allocations of goods between two individuals or entities,
Cornelius
Suppose a consumer consuming two commodities X and Y has The following utility function u=X0.4 Y0.6. If the price of the X and Y are 2 and 3 respectively and income Constraint is birr 50. A,Calculate quantities of x and y which maximize utility. B,Calculate value of Lagrange multiplier. C,Calculate quantities of X and Y consumed with a given price. D,alculate optimum level of output .
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Answer
Feyisa
c
Jabir
the market for lemon has 10 potential consumers, each having an individual demand curve p=101-10Qi, where p is price in dollar's per cup and Qi is the number of cups demanded per week by the i th consumer.Find the market demand curve using algebra. Draw an individual demand curve and the market dema
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suppose the production function is given by ( L, K)=L¼K¾.assuming capital is fixed find APL and MPL. consider the following short run production function:Q=6L²-0.4L³ a) find the value of L that maximizes output b)find the value of L that maximizes marginal product
Abdureman
types of unemployment
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What is the difference between perfect competition and monopolistic competition?
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Source:  OpenStax, Precalculus. OpenStax CNX. Jan 19, 2016 Download for free at https://legacy.cnx.org/content/col11667/1.6
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