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If two events ARE mutually exclusive, then it means that they can not both happen simultaneously. For example, if we flip a coin, it can only be heads or tails, not both. an example of not mutually exclusive events are strong winds and rain. it could be strong wind, or rain, or both.
provide one business-related example each, with explanation, for mutually exclusive and independent events
There is no such thing as a mutually event.
Mutually exclusive. The two events can also be exhaustive if there is no other possibility. For example, if you believe in a state of spiritual limbo, then there is a third possible outcome. In that case death and life are no longer exhaustive.
No. P(A or B) means A, B or (A and B). For example, P(red card or a king) includes red kings.