TABLE 4-12 Jake Woke Up Late in the Morning on the Day

question 21

Short Answer

TABLE 4-12
Jake woke up late in the morning on the day that he has to go to school to take an important test. He can either take the shuttle bus which is usually running late 20% of the time or ride his unreliable motorcycle which breaks down 40% of the time. He decides to toss a fair coin to make his choice.
-Referring to Table 4-12, if Jake, in fact, gets to the test on time, what is the probability that he took the bus?

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Definitions:

Capital

Refers to financial resources, machinery, and buildings used for producing goods and services.

Trade-Offs

Decisions made that involve choosing between benefits and drawbacks of different options, reflecting the concept of opportunity cost.

Resources

are assets, materials, or substances that are valuable for their utility in producing goods, providing services, or supporting life.

Esther Duflo

A French-American economist known for her research in development economics and for being the youngest person and the second woman to receive the Nobel Prize in Economic Sciences.