The Probability of an Economic Decline in the Year 2013

question 99

Essay

The probability of an economic decline in the year 2013 is 0.23. There is a probability of 0.64 that we will elect a republican president in the year 2012. If we elect a republican president, there is a 0.35 probability of an economic decline. Let "D" represent the event of an economic decline, and "R" represent the event of election of a Republican president.
a.Are "R" and "D" independent events?
b.What is the probability of electing a Republican president in 2012 and an economic decline in the year 2013?
c.If we experience an economic decline in the year 2013, what is the probability that a Republican president will have been elected in the year 2012?
d.What is the probability of economic decline in 2013 or a Republican president elected in the year 2012 or both?

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Definitions:

Short-run Industry

A period in which at least one factor of production is fixed, and firms can only partially adjust their production levels.

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A market structure characterized by many buyers and sellers, free entry and exit, homogenous products, and perfect information.

Short-run Industry

A period in economic analysis where at least one input is fixed, limiting the industry's ability to adjust to changes in market conditions.