Business Stat concepts

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7 Terms

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Mutually exclusive

P(A1 ∩ A2) = 0

2
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Collectively Exhaustive

P(A1 U A2) = 1

3
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Risk-neutral

makes decisions based on expected gain (positive expected return on investment)

4
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Risk-averse (avoidant)

wants expected gain and  a low probability of loss

5
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Risk-loving

may take a risk even if there is expected loss, as long as there is a probability of gain

6
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two non-empty events A and B are independent

P(A|B) = P(A) or P(A∩B)= P(A)P(B

7
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