The Probability of an Economic Decline in the Year 2008

Short Answer

The probability of an economic decline in the year 2008 is 0.23. There is a probability of 0.64 that we will elect a republican president in the year 2008. If we elect a republican president, there is a 0.35 probability of an economic decline. Let "D" represent the event of an economic decline, and "R" represent the event of election of a Republican president.
a. Are "R" and "D" independent events?
b. What is the probability of a Republican president and economic decline in the year 2008?
c. If we experience an economic decline in the year 2008, what is the probability that there will a Republican president?
d. What is the probability of economic decline or a Republican president in the year 2008? Hint: You want to find PD ∪ R).