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.)
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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