A bag has 10 green balls, 6 blue balls, and 44 purple balls. A ball is picked randomly from the bag. What is the probability that it is a: a) green ball. b) blue ball. c) purple ball
What will be an ideal response?
a) The probability that the ball picked is a green ball = 10/60 = 0.167 = 16.7%.
b) The probability that the ball picked is a blue ball = 6/60 = 0.1 = 10%.
c) The probability that the ball picked is a purple ball = 44/60 = 0.733 = 73.3%.
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The outcome of regulating a natural monopoly using the marginal cost pricing rule is
A) that the firm makes a normal profit. B) that the firm maximizes its profit. C) that consumer surplus is less than what it would be if the firm maximized its profit. D) an efficient level of production. E) that the firm makes an economic profit.
Which of the following is true?
A) National income = Consumption - Savings + Taxes B) National income = Consumption + Savings + Taxes C) National income = Consumption + Savings - Taxes D) National income = Consumption - Savings - Taxes
Using the one-period valuation model, assuming a year-end dividend of $0.11, an expected sales price of $110, and a required rate of return of 10%, the current price of the stock would be
A) $110.11. B) $121.12. C) $100.10. D) $100.11
Jose and Maria work at a restaurant. Jose can make either 10 pancakes or 4 waffles; Maria can make either 8 pancakes or 2 waffles. According to this scenario
A) Maria has the absolute advantage in making waffles B) Maria has the absolute advantage in making pancakes. C) Maria has the comparative advantage in making pancakes. D) Jose has the comparative advantage in making pancakes.