probability concepts

I don’t understand this Economics question and need help to study.


While the primary purpose of this assignment is for you to think about and work with probability concepts, it is important after you complete your writing that you take the time to review and edit it for coherence, completeness, and grammar. Using a grammar and spelling program such as Grammarly is highly recommended, as excessive grammar errors and incoherent writing will lower your grade.

For the assignment, you will need to be able to discuss the following probability concepts and methods using words without formulas or numbers. Use the attached template and upload the document after saving it as a file with your name in the file title.

  • Describe what an event is in probability. Then describe both simple and compound events.
  • Describe the types of data set relationships – complement, union, intersection, mutually exclusive or disjoint
  • Describe the general product rule
  • What does Bayes theorem do/show? What is the bigger picture value of this method?
  • There are three types of probability: marginal, joint, and conditional, describe each and try to think of a reason why each would be important.
  • Describe the following 3 counting techniques: the basic counting principle, permutations, and combinations. See how many you can think of having a value in your field.