W1-slides3

# W1-slides3 - Lecture 3 Outline and Examples(2.3-2.5 in Ross...

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Lecture 3- Outline and Examples ( § 2.3-2.5 in Ross) Axioms of Probabiliy basic properties of probabilities

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Applying basic properties of probabilities Example. Rich and Famous . In a certain population, 10% of the people are rich, 5% are famous, and 3% are rich and famous. For a person picked at random from this population:
Applying basic properties of probabilities Example. Rich and Famous . In a certain population, 10% of the people are rich, 5% are famous, and 3% are rich and famous. For a person picked at random from this population: Problem 1 : What is the chance that the person is not rich?

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Applying basic properties of probabilities Example. Rich and Famous . In a certain population, 10% of the people are rich, 5% are famous, and 3% are rich and famous. For a person picked at random from this population: Problem 1 : What is the chance that the person is not rich? Solution.
Applying basic properties of probabilities Example. Rich and Famous . In a certain population, 10% of the people are rich, 5% are famous, and 3% are rich and famous. For a person picked at random from this population: Problem 1 : What is the chance that the person is not rich? Solution. Note: Here probabilities are defined by proportions in the population.

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Applying basic properties of probabilities Example. Rich and Famous . In a certain population, 10% of the people are rich, 5% are famous, and 3% are rich and famous. For a
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