Examlex
A basketball player has a 70% free throw percentage. Which plan could be used to simulate the number of free throws she will make in her next five free throw attempts?
I. Let 0,1 represent making the first shot, 2, 3 represent making the second shot,…, 8, 9 represent making the fifth shot. Generate five random numbers 0-9, ignoring repeats.
II. Let 0, 1, 2 represent missing a shot and 3, 4,…, 9 represent making a shot. Generate five random numbers 0-9 and count how many numbers are in 3-9.
III. Let 0, 1, 2 represent missing a shot and 3, 4,…, 9 represent making a shot. Generate five random
Numbers 0-9 and count how many numbers are in 3-9, ignoring repeats.
Shortage
A situation in which demand for a good or service exceeds the available supply at a specific price.
Supply
The total amount of a specific good or service available for purchase at any given price level in a given market.
Supply Curve
A graphical representation showing the relationship between the price of a good and the quantity of the good supplied over a given period.
Quantity Supplied
The total amount of a specific good or service that producers are willing and able to sell at a particular price within a given time frame.
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