Login

Create Account
+14156709189
info@expertsmind.com
Submit Homework/Assignment
Get quote & make Payment
Get Solution
Conditional probability, math, Marketing Management
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 by
P(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
a
_{1}
is the number of cases for the simultaneous happening of A and B out of
a
_{1}
+ a
_{2}
cases in which A can happen with or without happening of
B.
∴ P(B/A) = a
_{1}
/(a
_{1}
+ a
_{2}
) = (a
_{1}
/n)/(a
_{1}
+ a
_{2}
)/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
Posted Date: 2/14/2012 1:39:25 PM  Location : United States
Ask an Expert
Related Discussions:
Conditional probability, math, Assignment Help, Ask Question on Conditional probability, math, Get Answer, Expert's Help, Conditional probability, math Discussions
Write discussion on Conditional probability, math
Your posts are moderated
Write your message here..
Related Questions
What is consumes behaviour, What is consumes behaviour? Consumes Behav...
What is consumes behaviour? Consumes Behaviour: The most significant issue for the marketers is to classify the requirements of the consumers since customer and consumer m
What is meant by marketing research, QUESTION (a) What should managemen...
QUESTION (a) What should management do at the time of Maturity stage to avoid decline of a product? Explain your answer with the help of different approaches at this stage. Sug
Buying motives, buying motives of industrial customer
buying motives of industrial customer
What are the advantages of public relations, What are the Advantages of Pub...
What are the Advantages of Public Relations? Advantages of Public Relations are as illustrated below: a) This helps in building and having relations along with local comm
What is the meaning of societal marketing concept, What is the meaning of s...
What is the meaning of societal marketing concept? Meaning: Societal marketing concept is the idea which the organization must find out the needs, interests and wants of
Explain the concept of dominant coalitions, (a) Find the main external forc...
(a) Find the main external forces triggering the need for organizational change. Pick three and discuss how they might necessitate behavioral change on the part of organization's e
Test marketing, approaches of fmcg companies in test marketing
approaches of fmcg companies in test marketing
Give the example of marketing communications, Give the example of marketing...
Give the example of marketing communications For instance, many organisations in airline industry have shifted their attention to the needs of travel trade, customers and compe
Uses of sales promotions, Uses of sales promotions: 1. For facili...
Uses of sales promotions: 1. For facilitating introduction of new products, 2. For retrieving lost accounts, 3. For overcoming a unique competitive situ
Market analyse to promote the product, This assignment requires you to choo...
This assignment requires you to choose: a product and find a market to promote your product, or a market and analyse its needs and find a product to satisfy the
Assignment Help
Accounting Assignment Help
Economics Assignment Help
Finance Assignment Help
Statistics Assignment Help
Physics Assignment Help
Chemistry Assignment Help
Math Assignment Help
Biology Assignment Help
English Assignment Help
Management Assignment Help
Engineering Assignment Help
Programming Assignment Help
Computer Science Assignment Help
IT Courses and Help
ExpertsMind Services
Online Tutoring
Projects Assistance
Exam Preparation
Coursework Help
Programming Courses
Engineering Courses
Why Us ?
~Experienced Tutors
~24x7 hrs Support
~Plagiarism Free
~Quality of Work
~Time on Delivery
~Privacy of Work