The results of a survey of 800 married couples and the number of children they had is shown below.
If a couple is selected at random, what is the probability that the couple will have
a.Less than 4 children?
b.More than 2 children?
c.Either 2 or 3 children?
Definitions:
Entrepreneur
An individual who takes on the risk of starting and managing a business venture to achieve financial returns or other personal objectives.
Production
The process of creating goods or services using inputs like labor, capital, and natural resources.
Production Possibilities Curve
A graphical representation showing the maximum number of goods or services that can be produced using limited resources efficiently.
Normative Statements
Statements that express value judgments or opinions about what ought to be, rather than facts that can be tested or verified.
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