Question

The probability a randomly selected household owns corporate stock is 0.54. The probability a randomly selected household has no Internet access is 0.3. Assume whether a randomly selected household owns corporate stock is independent of whether the household has no Internet access. What is the probability a randomly selected household has no Internet access given the household owns corporate stock

Answer 1

Answer:

30% probability a randomly selected household has no Internet access given the household owns corporate stock

Step-by-step explanation:

I am going to say that we have two events.

Event A: Owning corporate stock. So P(A) = 0.54.

Event B: Having no internet access. So P(B) = 0.3.

Since they are independent events, we can apply the conditional probability formula, which is:

$P(B|A) = \frac{P(A \cap B)}{P(A)}$

In which

P(B|A) is the probabilitty of event B happening given that A happened. We want to find this.

$P(A \cap B)$ is the probability of both events happening.

Since they are independent

$P(A \cap B) = P(A)P(B) = 0.54*0.3$

So

$P(B|A) = \frac{P(A \cap B)}{P(A)} = \frac{0.54*0.3}{0.54} = 0.3$

30% probability a randomly selected household has no Internet access given the household owns corporate stock