Question

Suppose event A has a 0.98 probability of​ occurring, and event B has a 0.95 probability...

Suppose event A has a 0.98 probability of​ occurring, and event B has a 0.95 probability of occurring—both

high probabilities. Compute the odds for event A and the odds for event B. Comment on the relative difference between the odds for the two events compared to the relative difference between the probabilities. How are the odds deceptive in this​ case?

The odds for event A are __________________​(Round to three decimal places as​ needed.)

The odds for event B are__________________​(Round to three decimal places as​ needed.)

The difference between the probability for event A and the probability for event B is _______________

while the difference between the odds for event A and the odds for event B is ________________

The odds are deceptive because they make the difference in likelihoods look a lot

smaller

larger

than they actually are.

​(Round to three decimal places as​ needed.)

Homework Answers

Answer #1

The odds of an event is the ratio of the probability of an event to the probability of its complement.

The odds for event A are __________0.98/0.02 = 49.000________​(Round to three decimal places as​ needed.)

The odds for event B are_________0.95/0.05 = 19.000_________​(Round to three decimal places as​ needed.)

The difference between the probability for event A and the probability for event B is ______0.98 - 0.95 = 0.03___

while the difference between the odds for event A and the odds for event B is ____49 - 19 = 30__

The odds are deceptive because they make the difference in likelihoods look a lot Larger

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