What Is the Probability That a Respondent Chosen at Random

question 9

Essay

What is the probability that a respondent chosen at random is a male or a female?

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Definitions:

Utility Function

A mathematical representation that describes how a consumer ranks different bundles of goods according to the level of satisfaction obtained from them.

Consumption

The process by which individuals or households use goods and services to fulfill their needs and wants.

Income

Money that an individual or business receives, typically as a return on investment, labor, or sale of goods and services.

Interest Rate

The fraction of a loan incurred as interest by the borrower, often represented as an annual percentage of the remaining loan balance.