The Probability That a Corporation Made Profits in 2005 Is

question 34

Short Answer

The probability that a corporation made profits in 2005 is 0.80 and the probability that a corporation made charitable contributions in 2005 is 0.25.Assuming that these two events are independent,the probability (rounded to 4 decimal places)that a corporation made profits in 2005 and made charitable contributions in 2005 is:

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Definitions:

Marginal Utility

The additional satisfaction or benefit gained from consuming or using one more unit of a good or service.

Deserted Island

An uninhabited or sparsely populated island often used in economic theories and thought experiments to illustrate principles of survival, scarcity, and choice.

Consumer Preference

Consumer preference refers to the subjective tastes and choices of individuals regarding different goods and services, influenced by factors such as price, quality, and personal tastes.

Indifference Curves

Graphical representations in economics that show different combinations of two goods that provide equal satisfaction and utility to a consumer.