Business Statistics – discussion

Conditional Probability

In §4.4 we are introduced to the concept of conditional probability. The notation P(A | B) denotes the probability of event A occurring given that we know event B has occurred.

Now consider the Monty Hall Problem introduced in the following video:

After watching this video, we know that if we are given the option to switch doors that, probabilistically speaking, it is in our best interest to switch.
Explain why this is the case using your knowledge of conditional probability.

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Business Statistics – discussion

Conditional Probability

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