Suppose We Toss a Coin and Roll a Die

question 9

Multiple Choice

Suppose we toss a coin and roll a die. Let A be the event that the number of spots showing on the die is three or less, and let B be the event that the coin comes up heads. The events A and B are:

• A)disjoint.
• B)conditional.
• C)independent.
• D)reciprocals.

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Definitions:

Probability

A measure of the likelihood of a particular event or outcome, expressed as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.

Expected Utility

A theory in economics that calculates the utility expected from a risky or uncertain choice, aiming to maximize satisfaction.

Risk-averse

A characteristic of individuals who prefer to avoid taking risks and are likely to choose options that minimize uncertainty.

Probability

The determination of the possibility that an event will happen, quantified between 0 and 1.