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# PS 2 full - ECON 2843 Problem Set 2 1 Problem 4.1 in...

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ECON 2843 Problem Set 2 1. Problem 4.1 in Newbold on p. 88. (This was used in class as an example.) A corporation takes delivery of some new machinery that must be installed and checked before it becomes available. The corporation is sure that it will take no more than seven days for this installation and check to take place. Let A be the event “It will be more than four days before the machinery becomes available” and B the event “it will be less than six days before the machinery becomes available.” a. Describe the event that is the complement of event A. b. Describe the event that is the intersection of events A and B. c. Describe the event that is the union of events A and B. d. Are events A and B mutually exclusive?. e. Are events A and B collectively exhaustive? 2. Problem 4.4 in Newbold on p. 95. (This was used in class as an example.) Recall the corporation in Exercisw 4.1. New machinery must be installed and checked before it becomes operational. The accompanying table shows a manager’s probability assessment for the number of days required before the machinery becomes operational.

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