Probability: combining multiple probabilities to reach a composite - statistics

Below I've included data from a PEW research study. What is the method for combining probabilities to reach a composite for say: an 18 year old black male?

As pointed out by Imran, one cannot deduce the answer from the limited data that are available. If you're willing to make a simplifying assumption, you can make progress. Note, however, that whether or not this assumption is valid can only be answered by getting more detailed data.
Here we go. OP is asking for P(cell phone|age, race, gender). By Bayes' rule, this is:
P(cell phone|age, race, gender)
= P(age, race, gender, cell phone) / P(age, race, gender)
= P(age, race, gender|cell phone) P(cell phone) / P(age, race, gender)
The simplifying assumption is that age, race, and gender are independent given cell phone status. Again, whether this is valid can't be answered with the available data. Assuming that, we have:
P(age, race, gender|cell phone)
= P(age|cell phone) P(race|cell phone) P(gender|cell phone)
Now apply Bayes' rule to each term:
P(age|cell phone) = P(cell phone|age) P(age) / P(cell phone)
P(race|cell phone) = P(cell phone|race) P(race) / P(cell phone)
P(gender|cell phone) = P(cell phone|gender) P(gender) / P(cell phone)
At this point we have:
P(age, race, gender, cell phone)
= P(cell phone|age) P(cell phone|race) P(cell phone|gender)
P(age) P(race) P(gender) / P(cell phone)^2
Let P1 = P(age, race, gender, cell phone) and P0 = P(age, race, gender, no cell phone). Then P(age, race, gender) = P1 + P0, and
P(cell phone|age, race, gender) = P1/(P1 + P0) = 1/(1 + P0/P1)
Now, happily, some terms cancel:
P0/P1 = foo/bar
with
foo = P(no cell phone|age) P(no cell phone|race) P(no cell phone|gender) / P(no cell phone)^2
bar = P(cell phone|age) P(cell phone|race) P(cell phone|gender) / P(cell phone)^2
Some examples:
P(cell phone|age = 18-29, race=black, gender=male)
= 1 / (1 + ((0 * 0.02 * 0.05) / 0.05^2) / ((1 * 0.98 * 0.95) / 0.95^2))
= 1
P(cell phone|age = 30-49, race=black, gender=male)
= 1 / (1 + ((0.02 * 0.02 * 0.05) / 0.05^2) / ((0.98 * 0.98 * 0.95) / 0.95^2))
= 0.992
P(cell phone|age = 65+, race=white, gender=female)
= 1 / (1 + ((0.15 * 0.06 * 0.06) / 0.05^2) / ((0.85 * 0.94 * 0.94) / 0.95^2))
= 0.794
So, there are some results. Again, remember that these results depend on an assumption that can only be verified with more data.

There is not enough information to determine exactly how many people in a combined group have a cell phone, because we don't know exactly how those groups overlap.
Let's consider a simpler example: Out of 100 people, 50 are men and 50 like cheese. How many are men who like cheese?
Clearly we don't have enough information, because anywhere from none of the men to all of the men could like cheese.
The same concept applies to the cell phone data, and furthermore it is difficult to even come up with ranges of possibilities.
For example consider how many hispanic men have cellphones. It should be between 95% and 98%, right? Wrong! Imagine there are 10k men in the survey , 990 hispanic women, but only 10 hispanic men. We could have 9.5k non-hispanic men, 980 hispanic women, and 0 hispanic men who have a cell phone - giving us 0% of hispanic men owning a cell phone. Or by similar reasoning we could construct a case where 100% of hispanic men own a cell phone.
However, if we have data on exactly how many of each group were surveyed you might be able come up with some possible ranges that are narrower than 0-100%. For example in the men who like cheese example if 60 of the people were men then we could say at least 10 must like cheese.

Related

soccer 1X2 odds to Asian Handicap conversion

Can anyone help .
I now know how to convert Home,Draw,Away probabilities to Asian handicap lines usin excel e.g.:
At first let’s take a look at the simpler situations where the handicap is half a goal or zero
goals (=no advatage for either team).
Handicaps marked as 0:0 are identical to moneyline bets (which is a term used in
America for this type of bet). In moneyline you bet on which team will win the game.
And if the game ends with a draw the stakes will (usually) be fully refunded. And
because the result from refunded stake is exactly the same as if the bet was never placed,
the possibility of draw can be excluded from the set.
The true odds (in decimal presentation) for moneyline can be derived from the
probabilities of home win, draw and away win in the following way:
Home Odds = (1 - p0) / p1
Away Odds = (1 - p0) / p2,
where p1 is the probability for home win (a value between 0 and 1), p0 the probability for
draw (0..1) and p2 the probability for away win (0..1).
Numerical example:
If 1X2-probabilities for a game are 45% (= 0.45), 30% (= 0.30) and 25% (=0.25),
moneyline odds would be: 4
Home Odds = (1 - 0.30) / 0.45 = 1.56
Away Odds = (1 - 0.30) / 0.25 = 2.80
Now I'm stuck tryin to do the same for the over and under Asian goal lines.
what I am tryin to achieve is how this website does it
https://www.totalcorner.com/page/fulltime-asian-handicap-calculator
remember I know 1x2 Asian handicap formula and what I'm asking is help with the over/under goal lines.
Thanks in advance

Excel Formula, To Calcuate a maximum Weight based off a desired minimum profit (GP%)

So I am working on a spreadsheet for a Butchery I manage and have run into a problem.
First off back story: We do $20 packs for certain bulk products that have a min/max weight range.
The Goal is to be able to put in this spreadsheet the desired minimum GP% and from that get a maximum weight based off that minimum profit margin.
For example a Beef Steak that Costs $17.50 p/kilo Would be minimum of 680g (at a GP% of 30.30%) and a maximum weight of 790g (at a GP% of 20.50%)
I have been 'googling' all day, and banging my head on my desk (as well as experimenting with different formula's) I am starting to think I may have to resort to programming a macro to perform this but I would prefer to be able to achieve in a formula on the cell that way I can copy-paste easily down the spreadsheet.
If anyone has a solution or can put me on the right track would be Awesome.
I think the formula you are looking for is :
your selling price (=20$) / your mark up on cost
where your mark up is :
your cost per kilo / (1- your margin)
So for 20% expected GP it gives :
= 20 / (17.5 / (1-0.2))
= 20 / 21.875
= 0.914... kilos
Balance is then :
Revenue = 20$
Cost = 0.914 * 17.5 = 16
Margin = 4
Margin % = 20

Excel formula for reverse percentage calculation

I have a calculation which I am unable to crack.
Lets say my Cost Price is 300. I want to sell the item at No Profit or No Loss. My total commission/expenses will be 30%. So it means i need to sell the item at 390.
But if I do 390 - 30% = 273.
How can I see the item, so that if I minus 30% to it. My Revenue will still be 300.
the formula you want is
=300/0.7
or
=300/(1-30%)
basically it is 300= x*(1-.30) where the (1-.30) is the amount that wants to be kept after the commision of 30%. Solving for x we get the above formula.
You want Sell Price - 30% Sell Price = Cost Price.
Combining the left two, you have 70% Sell Price = Cost Price.
Divide both sides by 70% and you get Sell Price = (1/0.7) Cost Price.
The fraction 1/0.7 is approximately 1.42857.
I was looking for a similar equation/formula, but then I built it in Excel.
So if you have, say, an item with
CostPrice = 200
Then you add a ProfitMargin = 20% so the
SellPrice = 200 + 20% = 240
Then the reverse equation for this will be
CostPrice = ( SellingPrice * 100 ) / ( ProfitMargin + 100 )
// In your case it should be
CostPrice = ( 240 * 100 ) / ( 20 + 100 )
= 200
Or Simply do the following:
CostPrice = SellingPrice / 1.2 = 240 / 1.2 = 200 <-- This will reduce the added 20%
I was looking for the same thing. None of the people here seemed to understand exactly what you were going for.
Here is the formula I used to get 300 as the answer.
=390/(1+30%)

Calculate hours needed to balance account?

I have an accounts excel sheet where you input all your expenses, all your incomes (gst inclusive), and it calculates how you are placed (E.G. -$717.75 for the month).
I It also gives you the gst content to pay $taxableIncome*3)/23 and a rough guide as to how much income tax you should put away $taxableIncome*0.17.
You also tell the program what your hourly rate is.
I am wanting to add to the program to allow it to tell you that you need to work X more hours this month to balance.
This wouldn't be soo hard,
$deficit/$hourlyRate = hours needed to work except for each additional hour worked we need to add ($hourlyRate*3)/23 to the gst expense, and add $hourlyRate*0.17 to the income tax expense.
This is the part I don't quite get how to work out.
So given an hourly rate of $21.00+gst = $24.15/h and a deficit of $717.75 how can I work out how many more hours I would need to work?
basically I am wondering how I can do a formula of
0 <= [(x1+x2+x3...)-(y1+y2+y3...)] / z1
Where x1 must increase until the entire formula equals 0, but as x1 increases, so must y1 and y2
x. = Income Source
y. = Expense
z. = Hourly Rate (gst inclusive)
Note that while the excel formula would be useful I am not expecting people to do the work for me, just a generic overview in pseudocode will work.
So, set:
gross new wage incl. gst - new gst - new income tax) =
-(current income - current expense) or -(Y-E)
where -(Y-E) >= 0
gross new wage - (gross new wage * 3/23) - (gross new wage * 0.17) = -(Y-E)
gross new wage * (1 - 3/23 - 0.17) = -(Y-E)
gross new wage = -(Y-E) / (1 - 3/23 - 0.17)
new hours * gross wage rate (incl. gst) = -(Y-E) / (1 - 3/23 - 0.17)
new hours = (-(Y-E) / (1 - 3/23 - 0.17)) / gross wage rate
That works, doesn't it?

What is the amount I need to tell the customer to get the amount I want in hand [closed]

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I'm hopelessly stuck on this.
I need to calculate the amount I need to get from the customer, so that after deducting transport charges, commission on the final sale value and bank charges on the final sale value, I will have the amount I want to get.
Example:
The amount I want in hand = 100
Commission # 7% on final sale value
Bank Charges # 5% on final sale value
Transport Charges = 10
So, Final sale value = ? (How do I get this figure)
The final sale value is the amount I'll tell the customer, so I'll receive $100 after deducting 7% on the final sale value and 5 % on the Final sale value and the transport charges.
The commission and bank charges are calculated on the final sale value. Eg: If the final sale value is 100, commission # 7% will be 7 and bank charges will be 5.
I'm trying to do this in Excel and got stuck good. Can you please help?
The formula is
=(Nett + Freight) / (1 - Comm% - Bank%)
for your $100 example
=(100 + 10) / (1 - 0.07 - 0.05)
=125
Yes, it's math :
Net = Gross - (12 * Gross / 100) - 10
Transfer the 10 and refactor !
Net + 10 = Gross * 88 / 100
Multiply both sides by 100 :
100 * (Net + 10) = Gross * 88
Divide both sides by 88 :
(100 * (Net + 10)) / 88 = Gross

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