Conditional probability, math, Marketing Management

Assignment Help:

What is Conditional Probability?

Two events A and B are said to be dependent when B can occur only when A is known to have occurred (or vice versa). The probability attached to such an event is called the conditional probability and is denoted byP(A/B) or, in other words probability of A given that B has occurred.

If two events A and B are dependent, then the conditional probability of B given A is:

P(B/A) = P(AB)/P(A)

Proof: suppose a1 is the number of cases for the simultaneous happening of A and B out of a1 + a2 cases in which A can happen with or without happening of B.

∴ P(B/A) = a1/(a1 + a2) = (a1/n)/(a1 + a2)/n = P(AB)/P(A)

Similarly it can be shown that

P(A/B) = P[(AB)/P(B)]

The general rule of multiplication in its modified form in terms of conditional probability becomes:

P(A and B) = P(B) × P(A/B)

Or, P(A and B) = P(A) × P(B/A)

For three events A, B and C we have

P(ABC) = P(A) × P(B/A) × P(C/AB)


i.e. the probability of occurrence of A, B and C is equal to the probability of A, times of the probability of B given that A has occurred, times the probability of C given that both A and B have occurred.

Illustration: a bag contains 5 white and 3 black balls. Two balls are drawn at random one after the other without replacement. Find the probability that both balls drawn are black.

Solution: probability of drawing a black ball in the first attempt is

P(A) = 3/(5 + 3) = 3/8

Probability of drawing the second black ball given that the first ball drawn is black

P(B/A) = 2/(5 + 2) = 2/7

∴ The probability that both balls drawn are black is given by

P(AB) = P(A) × P(B/A) = 3/8 × 2/7 = 3/28  

Math Assignment Help


Related Discussions:- Conditional probability, math

Channel planning, process involved in designing channels

process involved in designing channels

Deciding on media for advertising, Deciding on media for advertising: ...

Deciding on media for advertising: Deciding on reach, frequency, and impact: media selection involves finding the most cost -effective media to deliver the desired number of e

Allocation of responsibility, Responsibility for investigating injuries va...

Responsibility for investigating injuries varies but is typically divied among the insurance company the legal department and the appropriate technical departments. Irrespect

Market attractiveness, Market attractiveness is a measure of the profit po...

Market attractiveness is a measure of the profit potential inbuilt in the structure of a market or industry. There are a large number of factors contributing to (and which may be

Evaluation of advertising media - magazines and journals, Q. Evaluation of ...

Q. Evaluation of advertising media - Magazines and Journals? Are one more form of print media. These are published regularly at regular intervals like fortnightly as well month

Description of algebra, In algebra, it seems appropriate that a sequence of...

In algebra, it seems appropriate that a sequence of content designed to help mother and father better comprehend Algebra's primary ideas should start with a description of Algebra

Explain building-block approach to network design, Question: a) Describ...

Question: a) Describe four issues that are usually addressed in the Needs Analysis phase in the building-block approach to network design. b) Sketch a typical hybrid star

Market penetration of FMCG and regional products in rural, meaning of regio...

meaning of regional products or definition of regional products

Functions of marketing, hi 1. Discuss the functions of marketing beyond adv...

hi 1. Discuss the functions of marketing beyond advertising and selling 2. and why is it important for non-marketing employees to have a better understanding of marketing function

Determine the role of marketing communications, Marketing communications ...

Marketing communications Marketing communications recognise the development of channel or trade marketing. Numerous organisations have moved away from the traditional control

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd