The probability of an economic decline in a certain year is …
Questions
The prоbаbility оf аn ecоnomic decline in а certain year is 0.22. There is a probability of 0.63 that we will elect a republican president in the same year. If we elect a republican president, there is a 0.34 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? How do you know? (b) What is the probability of a Republican president and economic decline in the year? (c) If we experience an economic decline in the year, what is the probability that there will a Republican president? (Round your answer to four decimal places.) (d) What is the probability of economic decline or a Republican president in the year? Hint: You want to find P(D ∪ R). Conditional Probability: Bayes' Theorem: