The probability of an economic decline in the year 2008 is 0.23. There is a probability of 0.64 that we will elect a republican president in the year 2008. 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 a Republican president and economic decline in the year 2008? |
| c. | If we experience an economic decline in the year 2008, what is the probability that there will a Republican president? |
| d. | What is the probability of economic decline or a Republican president in the year 2008? Hint: You want to find P(D ∪ R). |
Economic recession in 2008 saw a small decrease in demand
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economic question
economic question
economic question
economic question