Suppose P(A)= 0.30,P(B)= 0.50,and P(B|A)= 0.60

question 56

Short Answer

Suppose P(A)= 0.30,P(B)= 0.50,and P(B|A)= 0.60.
a.Find P(A and B).
b.Find P(A or B).
c.Find P(A|B).

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Definitions:

Opportunity Costs

The value of the next best alternative that is foregone as a result of making a decision, used in evaluating the relative cost of different choices.

Effective Management

Effective Management involves the process of planning, organizing, directing, and controlling resources and activities efficiently and effectively towards achieving organizational goals.

Operations

The day-to-day activities required for a business to produce goods or services and run smoothly.

Book Value

The net value of a company’s assets as recorded on the balance sheet, calculated as total assets minus liabilities and intangible assets.