The Probability of the Intersection of Events a and B

question 312

Multiple Choice

The probability of the intersection of events A and B is denoted by:

• A)A ∩ B.
• B)P(A ∩B).
• C)A ∪ B.
• D)P(A ∪ B).

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Definitions:

Utility Function

A mathematical expression that represents how different combinations of goods or services create levels of happiness or satisfaction for an individual or entity.

Marginal Rate of Substitution

The rate at which a consumer is able to sacrifice a certain amount of one product for another while keeping their level of satisfaction unchanged.

Good X

A term used to represent an unspecified product or commodity in economic models and analyses.

Good Y

Refers to a hypothetical product or commodity used in economic models and theories to analyze market behaviors and consumer preferences.