What is the difference between a probability assigned in the probability rule and a preference probability stated in the equivalence rule? What is the clairvoyant’s role with respect to each of these?
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What is the difference between a
preference probability stated in the equivalence rule? What is the clairvoyant’s role with
respect to each of these?
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- Show that the probability of drawing a club at random from a standard deck of 52 playing cards is the same as the probability of drawing the ace of hearts at random from a set of four cards consisting of the aces of hearts, diamonds, clubs, and spades.A manufacturer has determined that a machine averages one faulty unit for every 500 it produces. What is the probability that an order of 300 units will have one or more faulty units?