Here is a typical statement made by the media: "Based on a recent study, pennies weigh an average of 2.5 grams with a margin of error of 0.006 gram." What important and relevant piece of information is omitted from that statement? Is it OK to use the word "average"? Choose the correct answer below. A. The media often omit reference to the confidence level, which is typically 95%. It is OK to use the word "average" in this context. B. The media often omit reference to the confidence level, which is typically 95%. The word "mean" should be used instead of the word "average." C. The media often omit reference to the confidence interval. The word "mean" should be used instead of the word "average." D. The media often omit reference to the confidence interval. It is OK to use the word "average" in this context.
Compound Probability
Compound probability can be defined as the probability of the two events which are independent. It can be defined as the multiplication of the probability of two events that are not dependent.
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Probability theory is a branch of mathematics that deals with the subject of probability. Although there are many different concepts of probability, probability theory expresses the definition mathematically through a series of axioms. Usually, these axioms express probability in terms of a probability space, which assigns a measure with values ranging from 0 to 1 to a set of outcomes known as the sample space. An event is a subset of these outcomes that is described.
Conditional Probability
By definition, the term probability is expressed as a part of mathematics where the chance of an event that may either occur or not is evaluated and expressed in numerical terms. The range of the value within which probability can be expressed is between 0 and 1. The higher the chance of an event occurring, the closer is its value to be 1. If the probability of an event is 1, it means that the event will happen under all considered circumstances. Similarly, if the probability is exactly 0, then no matter the situation, the event will never occur.
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