Conditional Probability with a Table | Summary and Q&A

TL;DR

College students were given either four quarters or a dollar to spend on gum, and the probability of them spending the money given that they were given four quarters is 0.617.

Key Insights

• ⏮️ Conditional probability is used to determine the probability of an event given some previous knowledge.
• 🤑 The experiment indicated that students given four quarters were more likely to spend the money on gum.
• 🤑 The probability of spending the money given four quarters was 0.617, while the probability of keeping the money was 0.383.

Transcript

in an experiment college students were given either four quarters or a dollar and they got either keep the money or spend it on gum so we have the results here in this table for example here it says students given four quarters and so 29 of them purchase gum and then 18 of them kept the money whereas here we have students given a one dollar bill 16... Read More

Questions & Answers

Q: What were the two options given to college students in the experiment?

College students were given either four quarters or a dollar to spend on gum.

Q: What was the probability of a student spending the money given that they were given four quarters?

The probability of a student spending the money given that they were given four quarters is 0.617.

Q: What was the probability of a student keeping the money given that they were given four quarters?

The probability of a student keeping the money given that they were given four quarters is 0.383.

Q: How did the probability of spending or keeping the money differ between the two options given to the students?

The probability of spending the money was higher when students were given four quarters, while the probability of keeping the money was lower.

Summary & Key Takeaways

• In an experiment, college students were given either four quarters or a dollar, and the results showed that students given four quarters were more likely to spend the money on gum.

• The probability of randomly selecting a student who spent the money given that they were given four quarters is 0.617.

• The probability of selecting a student who kept the money given that they were given four quarters is 0.383.