Question

I know this is more than one question but it is one problem on my homework that I keep missing. Please help. Business Analysis 2372. I keep missing half of them and only have one more try. Thanks

Think of observing a large number of independent "trials," or repeats, of some random experiment and let E be some event of interest. For example, the experiment could represent flipping a (possibly weighted) coin or rolling a (possibly weighted) die thousands of times and looking for "heads" or "6" to come up (respectively), or betting on a particular number in a game of roulette over and over, or watching a particular stock price over hundreds of days and noting which days the price was up or down, or any other experiment that is repeatable but whose outcome on each trial is random.

Match each one of the following statements about the event E to the number that best represents or describes it, in the context of probability theory.

-       1.       2.       3.       4.       5.       6.       7.	The event E cannot happen (or is impossible).
-       1.       2.       3.       4.       5.       6.       7.	The event E is guaranteed to occur (or is certain to occur).
-       1.       2.       3.       4.       5.       6.       7.	The event E is very unlikely to occur, but it is possible and will occur occasionally.
-       1.       2.       3.       4.       5.       6.       7.	The event E is very likely to occur, but there is a small chance that it won't.
-       1.       2.       3.       4.       5.       6.       7.	The event E will occur about as often as it doesn't occur.
-       1.       2.       3.       4.       5.       6.       7.	The event E will occur more often than not.
-       1.       2.       3.       4.       5.       6.       7.	This number is not a valid probability.

1.	1.09
2.	0.75
3.	0.03
4.	1
5.	0.51
6.	0.99
7.	0

Answer 1

The correct numbers along the reasons are mentioned

Statement about event E	Correct Number	Reason
The event E cannot happen (or is impossible)	0	Probability of Impossible event is 0
The event E is guaranteed to occur (or is certain to occur).	1	Probability of certain event is 1
The event E is very unlikely to occur, but it is possible and will occur occasionally.	0.03	Probability of unlikely event is less than 0.05
The event E is very likely to occur, but there is a small chance that it won't.	0.99
The event E will occur about as often as it doesn't occur	0.51
The event E will occur more often than not.	0.75
This number is not a valid probability.	1.09	Probability can not be more than 1