The Probability That a Wife W Watches a Certain Television

question 122

Multiple Choice

The probability that a wife W watches a certain television show is 0.31, that her husband H watches it is 0.21, and that both watch the show is 0.05. What is the probability, to two decimal places, that either the husband or the wife watches this show? ​

• A)Pr(H∪W) = 0.21
• B)Pr(H∪W) = 0.05
• C)Pr(H∪W) = 0.57
• D)Pr(H∪W) = 0.47
• E)Pr(H∪W) = 0.52

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Definitions:

Substitution Effect

Change in consumption of a good associated with a change in its price, with the level of utility held constant.

Perfectly Competitive

A market structure characterized by a large number of small sellers and buyers, homogeneous products, and freedom of entry and exit.

Profit Maximizing

A process or strategy used by businesses to determine the best output and pricing levels in order to achieve the highest profit.

Labor

Human effort, both physical and mental, employed in the production of goods and services.