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According to the U.S. Bureau of Labor Statistics, there is a \(4.9 \%\) probability that a randomly selected employed individual has more than one job (a multiple-job holder). Also, there is a \(46.6 \%\) probability that a randomly selected employed individual is male, given that he has more than one job. What is the probability that a randomly selected employed individual is a multiple-job holder and male? Would it be unusual to randomly select an employed individual who is a multiple-job holder and male?

Short Answer

Expert verified
The probability is 0.022834. It would be unusual to randomly select an employed individual who is both a multiple-job holder and male.

Step by step solution

01

Understand the Given Probabilities

Identify the probabilities given in the problem. - The probability that an individual is a multiple-job holder \(P(A) = 0.049\).- The probability that an individual is male given that he is a multiple-job holder \(P(B|A) = 0.466\).
02

Use Conditional Probability for Joint Probability

To find the probability that a randomly selected employed individual is both a multiple-job holder and male, use the conditional probability formula.The formula to find this joint probability is:\[P(A \cap B) = P(B|A) \cdot P(A)\]Substitute the given values into the formula and calculate the result.
03

Perform the Calculation

Use the values from Step 1 in Step 2's formula:\[P(A \cap B) = 0.466 \cdot 0.049\]Calculate the product to find the probability:\[P(A \cap B) = 0.022834\]
04

Interpret the Result

To determine if it would be unusual to select an individual who is a multiple-job holder and male, compare the calculated probability to a commonly used threshold for unusual events (such as 0.05).Since \(P(A \cap B) = 0.022834\) is less than 0.05, it would indeed be considered unusual.

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Key Concepts

These are the key concepts you need to understand to accurately answer the question.

Probability
Probability measures how likely an event is to happen. It ranges from 0 (impossible) to 1 (certain). For example, the probability that a randomly selected employed individual has more than one job is 0.049. This means that there is a 4.9% chance that any given employed person you pick will hold multiple jobs. Understanding probability helps us predict outcomes and make sense of uncertainty in everyday scenarios. In our example, knowing that the probability of being a multiple-job holder is 0.049 helps us understand how common or rare this situation is in the employed population.
Unusual Events
Unusual events are those that have a low probability of occurring, commonly below a threshold of 0.05 (5%). To decide if an event is unusual, we compare its probability to this benchmark. In our problem, the joint probability of selecting a multiple-job holder who is also male is calculated to be 0.022834 (2.28%). Since this probability is less than 0.05, we classify it as unusual. This means that finding an individual fitting both criteria (male and multiple-job holder) is relatively rare in the employed population. Recognizing unusual events helps us make informed decisions and understand anomalies in data.

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