Question:
If 5/14 Is the probability of occurrence of an event, find
(i) the odds in favor of its occurrence
(ii) the odds against its occurrence
Solution:
(i) We know that,
If odds in favor of the occurrence an event are a:b, then the probability of an event to occur is $\frac{a}{a+b}$
Given, probability
$=\frac{5}{14}$
We know, probability $=\frac{\mathrm{a}}{\mathrm{a}+\mathrm{b}} .$ So, $\frac{\mathrm{a}}{\mathrm{a}+\mathrm{b}}=\frac{5}{14}$
$a=5$ and $a+b=14$ i.e. $b=9$
odds in favor of its occurrence = a:b
= 5:9
Conclusion: Odds in favor of its occurrence is 5:9
(ii) As we solved in part (i), a = 5 and b = 9
As we know, odds against its occurrence is b:a
= 9:5
Conclusion: Odds against its occurrence is $9: 5$