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:

Reward System

A structured plan designed to motivate and compensate individuals, often used in organizational settings to encourage desired behaviors or achievements.

Team Accomplishments

Achievements or successes achieved through the collaborative efforts of a group working together.

Individual Contributions

The unique skills, ideas, or efforts an individual brings to a team or project.

Political Behavior

Actions taken by individuals or groups within an organization that are aimed at using power and other resources to influence company policies or decisions.