Statistics for Economists - Exam 1

probability

Tells us how likely an event is to occur; can have a value between 0 and 1 (including 0 and 1)

experiment

Any process wherein the outcome is subject to uncertainty

sample point

A potential outcome of an experiment is a …?

event

Any subset of outcomes within a sample space (can involve one or more outcomes)

disjoint events

What is another term to describe mutually exclusive events?

Suppose that a set has n elements. Suppose that an experiment consists of selecting k elements one at a time, without replacement. Let each outcome consist of the k elements in the order they were selected. Each such outcome is called a permutation of n elements taken k at a time. Write the notation and equation for the number of permutations of n elements taken k at a time when 

(1) n = k (2) n > k