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Condo Sales and Interest Rates The probability that condo sales will increase in the next 6 months is estimated to be 0.30.The probability that the interest rates on condo loans will go up in the same period is estimated to be 0.75.The probability that condo sales or interest rates will go up during the next 6 months is estimated to be 0.90.
-{Condo Sales and Interest Rates Narrative} What is the probability that condo sales will increase but interest rates will not during the next six months?
Normative Statements
Assertions about how the world ought to be, incorporating values and judgments rather than just factual claims.
Scientific Method
A systematic approach to research where a problem is identified, relevant data is gathered, a hypothesis is formulated from these data, and the hypothesis is empirically tested.
Economic
Pertains to the production, distribution, and consumption of goods and services, and the analysis of behaviors and decisions related to these processes.
Fallacy of Composition
The erroneous belief that what is true for a part is necessarily true for the whole, particularly in economics.
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