Conditional Probability, business and finance homework help

Conditional Probability

In §4.4 we are introduced to the concept of conditional probability. The notation P(A | B) denotes the probability of event A occurring given that we know event B has occurred.

Now consider the Monty Hall Problem introduced in the following video:

https://m.youtube.com/watch?v=4Lb-6rxZxx0

  • After watching this video, we know that if we are given the option to switch doors that, probabilistically speaking, it is in our best interest to switch.
  • Explain why this is the case using your knowledge of conditional probability.
 
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