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

Effective traffic demands, The problem formulation are: R ...

The problem formulation are: R the set of all mesh routers N number of mesh routers K the maximum

Rapid globalisation, how is rapid globalisation a challenge in the 21st cen...

how is rapid globalisation a challenge in the 21st century.

Show the importance of brand charter, Question 1: (a) Distinguish betw...

Question 1: (a) Distinguish between Destination Branding and Country Branding? (b) ‘The quality of a destination brand depends on the selection of the communication strate

Describe the key pricing strategies of marketing, "The service industry is ...

"The service industry is customer driven, and marketing thus focuses on the needs of the customer and involves finding out what the customer wants and expect first, before any atte

What are the parts of convenience goods, What are the parts of Convenience ...

What are the parts of Convenience Goods? These are further divided within two goods: a. Staple convenience goods. All goods are consumed there by most people every day (for

What do you meant by the term macro environment, Question 1: (a) Expla...

Question 1: (a) Explain what you understand by the term marketing concept and how it evolved from the production concept and the sales concept? (b) How does the marketing

Explain porters generic strategies, Question 1: Apply the PESTEL Model ...

Question 1: Apply the PESTEL Model to the Financial Services Sector in Mauritius, identifying opportunities and threats. Question 2: Analyse the steps in the Strategic

Value delivery process, What is difference between value proposition and po...

What is difference between value proposition and positioning

Concepts, what are the core concepts of marketing

what are the core concepts of marketing

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