April 2024
Intermediate to advanced
824 pages
36h 45m
English
Content preview from Business Statistics
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188 Business Statistics
4. Explain the concept of marginal probability, union prob-
ability, joint probability, and conditional probability.
5. What is the concept of the general rule of addition?
6. What is the special rule of addition for mutually exclusive
events?
7. What is the concept of the general rule of multiplication?
What is the special rule of multiplication for independent
events?
8. State the concept of conditional probability.
9. Explain the concept of Bayes’ theorem and state its appli
cation and importance in decision making.
1. A company is interested in obtaining information about