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Construct a probability model for tossing a fair coin.

Outcome Probability
Roll of 1
Roll of 2
Roll of 3
Roll of 4
Roll of 5
Roll of 6
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Computing probabilities of equally likely outcomes

Let S be a sample space for an experiment. When investigating probability, an event is any subset of S . When the outcomes of an experiment are all equally likely, we can find the probability of an event by dividing the number of outcomes in the event by the total number of outcomes in S . Suppose a number cube is rolled, and we are interested in finding the probability of the event “rolling a number less than or equal to 4.” There are 4 possible outcomes in the event and 6 possible outcomes in S , so the probability of the event is 4 6 = 2 3 .

Computing the probability of an event with equally likely outcomes

The probability of an event E in an experiment with sample space S with equally likely outcomes is given by

P ( E ) = number of elements in  E number of elements in  S = n ( E ) n ( S )

E is a subset of S , so it is always true that 0 P ( E ) 1.

Computing the probability of an event with equally likely outcomes

A number cube is rolled. Find the probability of rolling an odd number.

The event “rolling an odd number” contains three outcomes. There are 6 equally likely outcomes in the sample space. Divide to find the probability of the event.

P ( E ) = 3 6 = 1 2
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A number cube is rolled. Find the probability of rolling a number greater than 2.

2 3

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Computing the probability of the union of two events

We are often interested in finding the probability that one of multiple events occurs. Suppose we are playing a card game, and we will win if the next card drawn is either a heart or a king. We would be interested in finding the probability of the next card being a heart or a king. The union of two events     E  and  F , written  E F , is the event that occurs if either or both events occur.

P ( E F ) = P ( E ) + P ( F ) P ( E F )

Suppose the spinner in [link] is spun. We want to find the probability of spinning orange or spinning a b .

A pie chart with six pieces with two a's colored orange, one b colored orange and another b colored red, one d colored blue, and one c colored green.

There are a total of 6 sections, and 3 of them are orange. So the probability of spinning orange is 3 6 = 1 2 . There are a total of 6 sections, and 2 of them have a b . So the probability of spinning a b is 2 6 = 1 3 . If we added these two probabilities, we would be counting the sector that is both orange and a b twice. To find the probability of spinning an orange or a b , we need to subtract the probability that the sector is both orange and has a b .

1 2 + 1 3 1 6 = 2 3

The probability of spinning orange or a b is 2 3 .

Probability of the union of two events

The probability of the union of two events E and F (written E F ) equals the sum of the probability of E and the probability of F minus the probability of E and F occurring together ( which is called the intersection of E and F and is written as E F ).

P ( E F ) = P ( E ) + P ( F ) P ( E F )

Computing the probability of the union of two events

A card is drawn from a standard deck. Find the probability of drawing a heart or a 7.

A standard deck contains an equal number of hearts, diamonds, clubs, and spades. So the probability of drawing a heart is 1 4 . There are four 7s in a standard deck, and there are a total of 52 cards. So the probability of drawing a 7 is 1 13 .

The only card in the deck that is both a heart and a 7 is the 7 of hearts, so the probability of drawing both a heart and a 7 is 1 52 . Substitute P ( H ) = 1 4 ,   P ( 7 ) = 1 13 ,   and   P ( H 7 ) = 1 52 into the formula.

P ( E F ) = P ( E ) + P ( F ) P ( E F )                 = 1 4 + 1 13 1 52                 = 4 13

The probability of drawing a heart or a 7 is 4 13 .

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Questions & Answers

it is the relatively stable flow of income
Chidubem Reply
what is circular flow of income
Divine Reply
branches of macroeconomics
SHEDRACK Reply
what is Flexible exchang rate?
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is gdp a reliable measurement of wealth
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introduction to econometrics
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Tom
Why is unemployment rate never zero at full employment?
Priyanka Reply
bcoz of existence of frictional unemployment in our economy.
Umashankar
what is flexible exchang rate?
poudel
due to existence of the pple with disabilities
Abdulraufu
the demand of a good rises, causing the demand for another good to fall
Rushawn Reply
is it possible to leave every good at the same level
Joseph
I don't think so. because check it, if the demand for chicken increases, people will no longer consume fish like they used to causing a fall in the demand for fish
Anuolu
is not really possible to let the value of a goods to be same at the same time.....
Salome
Suppose the inflation rate is 6%, does it mean that all the goods you purchase will cost 6% more than previous year? Provide with reasoning.
Geetha Reply
Not necessarily. To measure the inflation rate economists normally use an averaged price index of a basket of certain goods. So if you purchase goods included in the basket, you will notice that you pay 6% more, otherwise not necessarily.
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discus major problems of macroeconomics
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what is the problem of macroeconomics
Yoal
Economic growth Stable prices and low unemployment
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what is inflation
Getu
increase in general price levels
WEETO
Good day How do I calculate this question: C= 100+5yd G= 2000 T= 2000 I(planned)=200. Suppose the actual output is 3000. What is the level of planned expenditures at this level of output?
Chisomo Reply
how to calculate actual output?
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how to calculate the equilibrium income
Beshir
Criteria for determining money supply
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Muhammad
Aggregate demand
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C=k100 +9y and i=k50.calculate the equilibrium level of output
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A unit of account is something that can be used to value goods and services and make calculations
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I want to know how can we define macroeconomics in one line
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it must be .9 or 0.9 no Mpc is greater than 1 Y=100+.9Y+50 Y-.9Y=150 0.1Y/0.1=150/0.1 Y=1500
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Source:  OpenStax, Algebra and trigonometry. OpenStax CNX. Nov 14, 2016 Download for free at https://legacy.cnx.org/content/col11758/1.6
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