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

What is marketing, What is marketing? a. B uilding customer value a...

What is marketing? a. B uilding customer value and satisfaction are at the very heart of current marketing thinking and practice. b. A very easy definition of marketing

Explain different marketing communications tools, Question 1: Using exa...

Question 1: Using examples from a Business-to-Consumer market of your choice: a) identify and explain different marketing communications tools that can be used to promote a

Mr., How should Shoppers? Stop develop its demand forecasts?

How should Shoppers? Stop develop its demand forecasts?

Discuss the different roles performed by retail banking, Question 1: (a...

Question 1: (a) Explain the rationale behind financial sector development and liberalisation in a developing economy like Mauritius. (b) Discuss the various policy and inst

Examples of unfair trade practices, Q. Examples of Unfair Trade Practices? ...

Q. Examples of Unfair Trade Practices? (i) Advertisement concerning weight-loss-claims of any medicine without proper test.  (ii) Using the words 'Government Supported', 'Go

Jbhj, consumer profile of typical buyer of rayban

consumer profile of typical buyer of rayban

Geometry, how would you classify a polyhedron with 8 faces?

how would you classify a polyhedron with 8 faces?

What is advertising standards council of principles, What is Advertising St...

What is Advertising Standards Council of principles? Explain in briefly. Advertising Standards Council of Principles: a) To make sure the truthfulness and honesty of demo

Marketing, #quAssume that a multi-specialty medical group has decided to se...

#quAssume that a multi-specialty medical group has decided to segment the market in the community by income level. The group has decided to target a small niche of middle-aged, whi

Production of advertisement, Q. Production of advertisement? Design as ...

Q. Production of advertisement? Design as well as production of advertisement involves a number of activities among them are writing copies Developing illustrations developing

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