Economic Applications of Linear and Quadratic Functions

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1. A jar contains 1 red ball, 3 green balls, and 2 yellow balls. Tabulate a sample space for the following experiments. a. A single ball is drawn. b. A ball is drawn and pocketed. A second ball is drawn and pocketed. (You might want to use a tree diagram). c. A ball is drawn, its color is recorded, and it is replaced in the jar. A second ball is drawn. 2. Suppose that P(A) = 0.53, P(B) = 0.38, and P(A ∩ B) = 0.21. Compute the following () a. P A b. P ( A  B) c. P(A|B) 3. In a certain town, 39% of the households have a pool, 48% have a vegetable garden, and 67% have either a pool or a vegetable garden (or both). What is the probability that a randomly selected household in this town has both a pool and vegetable garden. 4. A single card is drawn from a standard 52-card deck. If A is the event of getting a card that is a diamond and B is the event getting a face card (jack, queen, or king), calculate the following: a. P(A) b. P(A ∩ B) c. P (B)
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