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The probability of two events happening simultaneously is calculated by multiplying together the probability of each item occurring. This is the average of the probabilities of 3% cost increases for both materials.
The probability of two events happening simultaneously is calculated by multiplying together the probability of each item occurring. This is the sum of the probabilities of 3% cost increases for both materials.
The probability of two events happening simultaneously is calculated by multiplying together the probability of each item occurring. The probability of a 3% increase in the cost of both Material 1 and Material 2 is 0.3 × 0.5 = 0.15 or 15%.
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The probability of a 3% increase in the cost of both Material 1 and Material 2 is