Joint Probability of Two Events

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This lesson is a part of the course Probability Concepts

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Joint probability refers to the multiplication rule of probability. This is the probability that both the events will occur.

Example

The probability that the price of oil will rise, P(B) = 0.5

The probability that the bus fare will increase if oil price rises, P(A|B) = 0.4

The probability that both oil prices and bus fares will rise, P(AB) = 0.4*0.5 = 0.2