Our next step is to review the “rules and regulations” that govern probability theory. The basic ones are as follows:
◆ If P[A] = 1, then Event A must occur with certainty. An example is Event A = Debbie buying a pair of shoes this month.
◆ If P[A] = 0, then Event A will not occur with certainty. An example is Event A = Bob will eventually finish the basement project that he started three years ago.
◆ The probability of Event A must be between 0 and 1.
◆ The sum of all the probabilities for the events in the sample space must be equal to 1. For example, if the experiment is flipping a coin with Event A = heads and Event B = tails, then A and B represent the entire sample space. We also know that P[A] ...