Define Probability of Occurrence of Both a and B

question 69

Short Answer

Define probability of occurrence of both A and B.

---

Definitions:

Economic Means

The methods or resources available for achieving economic objectives, such as wealth accumulation or resource allocation.

Ceteris Paribus

A Latin phrase meaning "all other things being equal," used to analyze the effect of one variable on another by holding all other relevant factors constant.

Other Things Equal

A Latin term (ceteris paribus) used in economics to signify examining the effect of one changing factor when all other factors remain constant.

Normative Economic Statement

An opinion or judgment that reflects values or what ought to be, rather than factual claims about what is.