### Would you adjust your assessments to make p equals to q

Assignment Help Microeconomics
##### Reference no: EM131524155

Question: Assess the probability that the New York Mets will win the World Series (WS) next year. Call this probability p. Now assess the following probabilities: P(Win WS | Win Pennant) and P(Win Pennant). Use these to calculate q = P(Win WS) = P(Win WS | Win Pennant) P(Win Pennant) = P(Win WS and Win Pennant). (To play in the World Series, the team must first win the pennant.)

a. Does p = q? Which of the two assessments are you more confident about? Would you adjust your assessments to make p = q? Why or why not?

b. If you do not like the Mets, do this problem for your favorite major league baseball team.

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