The chance of having an extra fortune in a fortune cookie is about 3%. Given a bag of 144 fortune cookies, we are interested in the number of cookies with an extra fortune. Two distributions may be used to solve this problem. Use one distribution to solve the problem.
How many cookies do we expect to have an extra fortune?
Find the probability that none of the cookies have an extra fortune.
Find the probability that more than 3 have an extra fortune.
As
increases, what happens involving the probabilities using the two distributions? Explain in complete sentences.
= the number of fortune cookies that have an extra fortune
0, 1, 2, 3,... 144
~
or
4.32
0.0124 or 0.0133
0.6300 or 0.6264
There are two games played for Chinese New Year and Vietnamese New Year. They are almost identical. In the Chinese version, fair dice with numbers 1, 2, 3, 4, 5, and 6 are used, along with a board with those numbers. In the Vietnamese version, fair dice with pictures of a gourd, fish, rooster, crab, crayfish, and deer are used. The board has those six objects on it, also. We will play with bets being $1. The player places a bet on a number or object. The “house” rolls three dice. If none of the dice show the number or object that was bet, the house keeps the $1 bet. If one of the dice shows the number or object bet (and the other two do not show it), the player gets back his $1 bet, plus $1 profit. If two of the dice show the number or object bet (and the third die does not show it), the player gets back his $1 bet, plus $2 profit. If all three dice show the number or object bet, the player gets back his $1 bet, plus $3 profit.
Let
= number of matches and
= profit per game.
List the values that
may take on. Then, construct one PDF table that includes both
&
and their probabilities.
Calculate the average expected matches over the long run of playing this game for the player.
Calculate the average expected earnings over the long run of playing this game for the player.
Determine who has the advantage, the player or the house.
According to the South Carolina Department of Mental Health web site, for every 200 U.S. women, the average number who suffer from anorexia is one
(http://www.state.sc.us/dmh/anorexia/statistics.htm ). Out of a randomly chosen group of 600 U.S. women:
How many are expected to suffer from anorexia?
Find the probability that no one suffers from anorexia.
Find the probability that more than four suffer from anorexia.
In economics, a perfect market refers to a theoretical construct where all participants have perfect information, goods are homogenous, there are no barriers to entry or exit, and prices are determined solely by supply and demand. It's an idealized model used for analysis,
When MP₁ becomes negative, TP start to decline.
Extuples Suppose that the short-run production function of certain cut-flower firm is given by: Q=4KL-0.6K2 - 0.112 •
Where is quantity of cut flower produced, I is labour input and K is fixed capital input (K-5). Determine the average product of lab
Kelo
Extuples Suppose that the short-run production function of certain cut-flower firm is given by: Q=4KL-0.6K2 - 0.112 •
Where is quantity of cut flower produced, I is labour input and K is fixed capital input (K-5). Determine the average product of labour (APL) and marginal product of labour (MPL)
Quantity demanded refers to the specific amount of a good or service that consumers are willing and able to purchase at a give price and within a specific time period. Demand, on the other hand, is a broader concept that encompasses the entire relationship between price and quantity demanded
Ezea
ok
Shukri
how do you save a country economic situation when it's falling apart
Economic growth as an increase in the production and consumption of goods and services within an economy.but
Economic development as a broader concept that encompasses not only economic growth but also social & human well being.
Shukri
production function means
Jabir
What do you think is more important to focus on when considering inequality ?
sir...I just want to ask one question... Define the term contract curve? if you are free please help me to find this answer 🙏
Asui
it is a curve that we get after connecting the pareto optimal combinations of two consumers after their mutually beneficial trade offs
Awais
thank you so much 👍 sir
Asui
In economics, the contract curve refers to the set of points in an Edgeworth box diagram where both parties involved in a trade cannot be made better off without making one of them worse off. It represents the Pareto efficient allocations of goods between two individuals or entities, where neither p
Cornelius
In economics, the contract curve refers to the set of points in an Edgeworth box diagram where both parties involved in a trade cannot be made better off without making one of them worse off. It represents the Pareto efficient allocations of goods between two individuals or entities,
Cornelius
Suppose a consumer consuming two commodities X and Y has
The following utility function u=X0.4 Y0.6. If the price of the X and Y are 2 and 3 respectively and income Constraint is birr 50.
A,Calculate quantities of x and y which maximize utility.
B,Calculate value of Lagrange multiplier.
C,Calculate quantities of X and Y consumed with a given price.
D,alculate optimum level of output .
the market for lemon has 10 potential consumers, each having an individual demand curve p=101-10Qi, where p is price in dollar's per cup and Qi is the number of cups demanded per week by the i th consumer.Find the market demand curve using algebra. Draw an individual demand curve and the market dema
suppose the production function is given by ( L, K)=L¼K¾.assuming capital is fixed find APL and MPL. consider the following short run production function:Q=6L²-0.4L³ a) find the value of L that maximizes output b)find the value of L that maximizes marginal product
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Source:
OpenStax, Collaborative statistics (custom lecture version modified by t. short). OpenStax CNX. Jul 15, 2013 Download for free at http://cnx.org/content/col11543/1.1
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