The Probability of a Plane Crashing on a Single Trip

question 2

Short Answer

The probability of a plane crashing on a single trip in 1989 was 0.00000165. Find the approximate probability that in 50,000,000 flights there will be fewer than 80 crashes. Round your answer to four decimal places. Round Z to two decimal places.

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Definitions:

Wage Rate

The standard amount of pay given to workers per unit of time (e.g., hour, day) for their labor.

Labor Supply Curve

A graphical representation showing the relationship between the wages offered and the quantity of labor workers are willing to supply.

Competitive Conditions

The state of a market characterized by a large number of buyers and sellers, leading to price competition and innovation.