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A survey asked tax accounting firms their business form (S = sole proprietorship, P = partnership, C = corporation) and type of risk insurance they carry (L = liability only, T = property loss only, B = both liability and property).

(a) Choose the correct sample space from the given elementary events.
S = {(S,L), (S,T), (S,B), (P,L), (P,T), (P,B), (C,L), (C,T), (C,B)}
S = {(P,L), (P,T), (P,B), (C,L), (C,T), (C,B)}
S = {(S,S), (S,T), (S,B), (T,B), (T,T), (B,B)}
S = {(S,L), (S,T), (S,B), (P,L), (P,P), (P,C), (P,L), (C,L), (C,C), (L,L)}

(b) Would each elementary event be equally likely?
No, different likelihood.
Yes, equally likely.

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
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