Three potential rescuers witness a drowning surfer. Each is willing to rescue the surfer with probability 0.80. What is the probability that the surfer is rescued?
What will be an ideal response?
The probability that no one rescues the surfer is 0.20 × 0.20 × 0.20 = 0.008, or 8%, so the probability that the surfer is rescued is 100% - 8% = 92%.
You might also like to view...
A price ceiling set above the equilibrium price will cause which of the following?
A) an increase in supply B) a surplus C) a shortage D) no effect on either the price or quantity
The fraction of an increase in income that is saved is referred to as the _____
a. marginal propensity to save b. average propensity to save c. marginal propensity to consume d. average propensity to consume e. saving-consumption ratio
A cartel is a group of firms that attempt to collude by coordinating price and output decisions
a. True b. False Indicate whether the statement is true or false
In the following equation, gdp refers to gross domestic product, and FDI refers to foreign direct investment. log(gdp) = 2.65 + 0.527log(bankcredit) + 0.222FDI (0.13) (0.022) (0.017) ? Which of the following statements is then true?
A. If FDI increases by 1%, gdp increases by approximately 22.2%, the amount of bank credit remaining constant. B. If FDI increases by 1%, gdp increases by approximately 26.5%, the amount of bank credit remaining constant. C. If FDI increases by 1%, gdp increases by approximately 24.8%, the amount of bank credit remaining constant. D. If FDI increases by 1%, gdp increases by approximately 52.7%, the amount of bank credit remaining constant.