1. Suppose we have a six-sided die that we roll once. Let ai represent the event that the result is i. Let Bj represent the event that the dice comes out greater than j. Let C represent the event that the result is an even number.
a) Since the number is greater than 1, what is the conditional probability that 3 is obtained? (P[A3|B1])
b) Since the number is greater than 3, what is the conditional probability that 6 is obtained?
c) Since the result is an even number, what is the conditional probability of a number greater than 3? (ie P[B3|C])
d) Since the number is greater than 3, what is the conditional probability of an even number?
(ii) Draw a production function that exhibits diminishing marginal product of labour. Draw the associated total cost curve .Explain the shape of the two curves you have drawn.
