What is the probability of an event? What are mutually exclusive events? What does collectively exhaustive mean?
How can we use contingency tables to solve for the probability of two events occurring at the same time? What is a conditional probability? Finally, explain the difference between the addition rule and the multiplication rule.
Use the following data to support answers to the questions above:
Out of 1000 respondents to a survey, 250 people planned to purchase a TV of which 200 actually purchased and 50 did not
actually purchase. 750 people did not plan to purchase at TV, of which 100 actually purchased and 650 did not actually purchase. Put this data in the form of a contingency table and apply to some of the concepts above.
For example, what is the probability that a person planned to purchase a TV? What is the probability that a person planned to purchase and actually purchased a TV? What is the probability that a person purchased a TV conditional on the fact that they planned to purchase a TV? Feel free to slice it and dice it as many ways you like to review for the exam.