Answer to Question #133893 in Economics for Cynthia Parchy

Question

Write short note on the following statistical terms and give at least on example for each:
Population b) Sample Space c) Sample d) Event e) independent event
f) Mutually exclusive and inclusive events g) Probability

Answer 1

a) Population is the entire pool from which a statistical sample is drawn.

b) Sample space of an experiment or random trial is the set of all possible outcomes or results of that experiment.

c) Sample is a set of individuals or objects collected or selected from a statistical population by a defined procedure.

d) Event is a set of outcomes of an experiment (a subset of the sample space) to which a probability is assigned. Examples of events: tossing a coin and it landing on heads.

e) Two events are independent, statistically independent, or stochastically independent if the occurrence of one does not affect the probability of occurrence of the other.

f) 2 events are mutually exclusive when they cannot both occur simultaneously. 2 events are mutually inclusive when they can both occur simultaneously.

g) Probability is simply how likely something is to happen.