Part 1: Answer one (1) of the following two questions: Discussion Questions (Textbook, page 60) 2-1 - What are the two basic laws of probability? 1st. the probability 2-2 - What is the meaning of mutually exclusive events? What is meant by collectively exhaustive? Give an example of each. 2-3 - Describe the various approaches used in determining probabilities values. 2-5 - What is the difference between events that are dependent and events that are independents? When events are dependent the occurrence of one event does have an affect the other event. When the events are independent the occurrence of one event has no effect on the occurrence of the other. 2-8 What is a random variable? What are the various types of random variables? A random variable assigns a real number to every possible outcome or event in an experiment. It is normally represented by a letter such as X or Y. When the outcome itself is numerical or quantitative, the outcome numbers can be the random variable. There are two types of random variables, these variables are the following: discrete random variables: this variable has a finite number of infinite numbers of possible values or an infinite sequence of countable real numbers. X has an infinite number of possible values. continuous random variables: this variable is a random variable that has an infinite or an unlimited set of values. The values are not countable.