What's the probability of "at least" and "exactly" one event occurring? If I know the probability of event $A$ occurring and I also know the probability of $B$ occurring, how can I calculate the probability of "at least one of them" occurring?

I was thinking that this is $P(A \text{ or } B) = P(A) + P(B) - P(A \text{ and }B)$. 

Is this correct?



If it is, then how can I solve the following problem taken from DeGroot's Probability and Statistics:


  If $50$ percent of families in a certain city subscribe to the morning newspaper, $65$ percent of the families subscribe to the afternoon newspaper, and $85$ percent of the families subscribe to at least one of the two newspapers, what proportion of the families subscribe to both newspapers?


In a more mathematical language, we are given $P(\text{morning})=.5$, $P(\text{afternoon})=.65$, $P(\text{morning or afternoon}) = .5 + .65 - P(\text{morning and afternoon}) = .85$, which implies that $P(\text{morning and afternoon}) = .3$, which should be the answer to the question.

Is my reasoning correct? 



If it is correct, how can I calculate the following?


  If the probability that student $A$ will fail a certain statistics examination is $0.5$, the probability that student $B$ will fail the examination is $0.2$, and the probability that both student $A$ and student $B$ will fail the examination is $0.1$, what is the probability that exactly one of the two students will fail the examination?


These problems and questions highlight the difference between "at least one of them" and "exactly one of them". Provided that "at least one of them" is equivalent to $P(A \text{ or } B)$, but how can I work out the probability of "exactly one of them"?
You are correct.

To expand a little: if $A$ and $B$ are any two events then

$$P(A\textrm{ or }B) = P(A) + P(B) - P(A\textrm{ and }B)$$

or, written in more set-theoretical language,

$$P(A\cup B) = P(A) + P(B) - P(A\cap B)$$

In the example you've given you have $A=$ "subscribes to a morning paper" and $B=$ "subscribes to an afternoon paper." You are given $P(A)$, $P(B)$ and $P(A\cup B)$ and you need to work out $P(A\cap B)$ which you can do by rearranging the formula above, to find that $P(A\cap B) = 0.3$, as you have already worked out.
probability of only one event occuring is as follows:
  if A and B are 2 events then probability of only A occuring can be given as 
P(A and B complement)= P(A) - P(A AND B )