Perform questions of your own choice from the Book of Statistical Techniques in Business and Economics by Lind from exercises of chapter 5 "A Survey of Probability Concepts”. There must be at least one question against each approach of probability (classical, empirical and subjective) and rules for computing probabilities (special and general addition, complement rule, special and general multiplication), so total number o questions to be solved would be 8.
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Answer:
GOALS
GOALSWhen you have completed this chapter you will be able to:
GOALSWhen you have completed this chapter you will be able to:1 Define probability .
GOALSWhen you have completed this chapter you will be able to:1 Define probability .2 Describe the classical, empirical, and subjective approaches to probability.
GOALSWhen you have completed this chapter you will be able to:1 Define probability .2 Describe the classical, empirical, and subjective approaches to probability.3 Explain the terms experiment, event, outcome, permutations, and combinations .
GOALSWhen you have completed this chapter you will be able to:1 Define probability .2 Describe the classical, empirical, and subjective approaches to probability.3 Explain the terms experiment, event, outcome, permutations, and combinations .4 Define the terms conditional probability and joint probability .
GOALSWhen you have completed this chapter you will be able to:1 Define probability .2 Describe the classical, empirical, and subjective approaches to probability.3 Explain the terms experiment, event, outcome, permutations, and combinations .4 Define the terms conditional probability and joint probability .5 Calculate probabilities using the rules of addition and rules of multiplication .
GOALSWhen you have completed this chapter you will be able to:1 Define probability .2 Describe the classical, empirical, and subjective approaches to probability.3 Explain the terms experiment, event, outcome, permutations, and combinations .4 Define the terms conditional probability and joint probability .5 Calculate probabilities using the rules of addition and rules of multiplication .6 Apply a tree diagram to organize and compute probabilities.