Question

In: Statistics and Probability

Determine the odds for and against the event E if P(E)=6

Expert Solution

Given:
P(E) = 0.6

So,

P(Not E) = 0.4

(i)

Odds for the event E = 0.6 : 0.4

= 6 : 4

= 3 : 2

So,

Answer is:

3 : 2

(ii)

Odds against the event E = 0.4 : 0.6

= 4 : 6

= 2: 3

So,

Answer is:

2 : 3

orchestra answered 2 years ago

Find the odds for and the odds against the event rolling a fair die and getting...

Find the odds for and the odds against the event rolling a fair die and getting a 6 or a 2. a. The odds for the event are __ to __ (Simplify your answers.) b. The odds against the event are __ to __ . (Simplify your answers.)

Sometimes probability statements are expressed in terms of odds. The odds in favor of an event...

Sometimes probability statements are expressed in terms of odds. The odds in favor of an event A are the following ratio. P(A)/P(not A) = P(A)/P(Ac) For instance, if P(A) = 0.60, then P(Ac) = 0.40 and the odds in favor of A are 0.60/ 0.40 = 6/4 = 3/2 , written as 3 to 2 or 3:2. (a) Show that if we are given the odds in favor of event A as n:m, the probability of event A is given...

The odds on (against) your bet are 1 to 6. If you bet $18 and win,...

The odds on (against) your bet are 1 to 6. If you bet $18 and win, how much will you gain?

The odds in favor of A winning a game of chess against B are 3:2. If...

The odds in favor of A winning a game of chess against B are 3:2. If 3 games are to be played, what are the odds a. in favor of A winning at least 2 games out of the 3, b. against A losing the first 2 games to B?

Let P(A)= event that the card selected is a heart, P(B)= event that the card selected...

Let P(A)= event that the card selected is a heart, P(B)= event that the card selected is a club, P(C)= event that the card selected is spade, P(D)= event that the card selected is a diamond, P(E)= even that the card selected is a face card. Find P(A), P(B or D), P(selecting an ace), P(selecting an even digit card or E), P(selecting a red card) P(King of hearts) Create a probability statement and find the theoretical probability.

Show that, for any events E and F, P(E ∪ F) = P(E) + P(F) −...

Show that, for any events E and F, P(E ∪ F) = P(E) + P(F) − P(E ∩ F). Only use the probability axioms and indicate which axiom you use where

a dice can have 6 sides and are numbered 1,2,3,4,5, and 6. The odds of getting...

a dice can have 6 sides and are numbered 1,2,3,4,5, and 6. The odds of getting an odd number are the same. The chance of getting an even number is the same. The chance of getting an odd number is twice the chance of getting an even number. a. Determine the opportunity to get the number 3. b. The dice is thrown three times. Determine the odds of getting two numbers 5 and one number 4. c. The dice is...

Determine the sample size necessary to estimate p for the following information. a. E = 0.01,...

Determine the sample size necessary to estimate p for the following information. a. E = 0.01, p is approximately 0.60, and confidence level is 96% b. E is to be within 0.04, p is unknown, and confidence level is 95% c. E is to be within 5%, p is approximately 54%, and confidence level is 90% d. E is to be no more than 0.01, p is unknown, and confidence level is 99%

Show that for a dielectric material, (∂U/∂p)T= E-T(∂E/∂T)p where E and p are the electric field...

Show that for a dielectric material, (∂U/∂p)T= E-T(∂E/∂T)p where E and p are the electric field and dipole.

If someone playing Poker against you had a Full House, what are the odds you could...

If someone playing Poker against you had a Full House, what are the odds you could win against them? (We’ll assume that their cards are ‘still in the deck’ when it comes to calculating your own odds)