Question

In 7 of the past 16 years, the US economy showed significant gains in worker productivity....

In 7 of the past 16 years, the US economy showed significant gains in worker productivity. In 12 of those 16 years, there was a relatively low level of inflation. In 8 of these 16 years, both economic events occurred. In what percentage of the years was there either a substantial gain in worker productivity or a low level of inflation or both?

Homework Answers

Answer #1

Consider the events

A : US economy showed significant gains in worker productivity.

B : US economy showed relatively low level of inflation.

: Economy showed both economic events.

from the information

P ( A) = 7/ 16, P ( B ) = 12/ 16 ,

A U B : Economy showed either a substantial gain in worker productivity or low level of inflation or both.

Required percentage = P ( A U B)

by addition theorem

= (7/16) + ( 12/16) - (8/16)

= 11/16

= 0.6875

68.75% of the years was there either a substantial gain in worker productivity or low level of inflation or both.

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