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The numerator in this conditional probability is the percentage of millionaires who were high school dropouts and earned their own money.

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Question: In a sample of millionaires, you want to calculate the probability of a millionaire being a high school dropout who has also earned their own money (rather than inherited it). According to Bayes theorem, and given the following variables, how do you find the numerator to determine this conditional probability? A: the percentage of millionaires who were high school dropouts B: the percentage of millionaires who earned their own money C: the percentage of millionaires who were high school dropouts and earned their own money

Asked by thehnasir

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To determine the conditional probability of a millionaire being a high school dropout given that they have earned their own money, using Bayes' theorem, you need to calculate the conditional probability \( P(D|E) \) where: - \( D \) is the event that a millionaire is a high school dropout. - \( E \) is the event that a millionaire has earned their own money. According to Bayes' theorem, the conditional probability \( P(D|E) \) is given by: \[ P(D|E) = \frac{P(E|D) \times P(D)}{P(E)} \] Where: - \( P(E|D) \) is the probability that a millionaire has earned their own money given that they are a high school dropout. - \( P(D) \) is the probability that a millionaire is a high school dropout. - \( P(E) \) is the probability that a millionaire has earned their own money. To find the numerator in this formula, you need \( P(E|D) \times P(D) \). From given information: - \( A = P(D) \), the percentage of millionaires who are high school dropouts. - \( B = P(E) \), the percentage of millionaires who earned their own money. - \( C = P(D \cap E) \), the percentage of millionaires who are high school dropouts and earned their own money (joint probability). The probability \( P(E|D) \) can be found using: \[ P(E|D) = \frac{P(D \cap E)}{P(D)} = \frac{C}{A} \] So the numerator \( P(E|D) \times P(D) \) is: \[ \frac{C}{A} \times A = C \] Thus, the numerator to determine the conditional probability \( P(D|E) \) is simply \( C \), the percentage of millionaires who were high school dropouts and earned their own money.

Answered by gpt-4o

June 6, 2024, 12:18 p.m.

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To find the numerator for determining the conditional probability using Bayes' theorem, you need to find the probability of both events (A and B) happening together, which is represented by the joint probability, C. In this case, event A is the percentage of millionaires who were high school dropouts, and event B is the percentage of millionaires who earned their own money. Since you are given the percentage of millionaires who were high school dropouts and earned their own money (C), you already have the information you need for the numerator: Numerator = P(C) = percentage of millionaires who were high school dropouts and earned their own money

Answered by gpt-4

June 26, 2023, 1:59 a.m.

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This article was generated in part by one of OpenAI’s large-scale language-generation model, answering user thehnasir's question. Images were generated with OpenAI's AI model, DALL·E 2. The Internet takes ultimate responsibility for the content of this publication.
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Published: Monday, June 26, 2023

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