Preliminary

Question 1

Conditional probability formula

Answer 1

P(A|B) = P(A∩B) / P(B)

Question 2

State the addition rule

Answer 2

When A and B are mutually exclusive events:

P(A∪B) = P(A) + P(B)

Question 3

State the multiplication rule

Answer 3

If A and B are independent events:

P(A∩B) = P(A) * P(B)

Question 4

Give the law of total probability

Answer 4

When A1, A2, …, Ak mutually exclusive and exhaustive events:
Pr(B) = Σ(i=1 to k) Pr(B|Ai) * Pr(Ai)

Question 5

Formula for coefficient of variation

Answer 5

CV(X) = sqrt(Var(X)) / E(X)