Student Admissions Are Based on the Following Table, Which Shows

question 224

Short Answer

Student admissions are based on the following table, which shows the profile, by Math SAT I scores, of admitted students at some university for the Fall 2004 semester. Determine the theoretical probability of the event: "An applicant had a Math SAT in the range 500 - 599 or was admitted." (Round your answer to the nearest 0.01). $$\begin{array} { | l | l | l | l | l | l | l | } \hline & \mathbf { 2 0 0 } - \mathbf { 3 9 9 } & \mathbf { 4 0 0 } - \mathbf { 4 9 9 } & \mathbf { 5 0 0 } - \mathbf { 5 9 9 } & \mathbf { 6 0 0 } - \mathbf { 6 9 9 } & \mathbf { 7 0 0 } - \mathbf { 8 0 0 } & \text { Total } \\\hline \text { Admitted } & 5 & 212 & 1,120 & 2,882 & 5,346 & 9,565 \\\hline \begin{array} { l } \text { Not } \\\text { Admitted }\end{array} & 628 & 3,507 & 9,289 & 12,230 & 5,150 & 30,804 \\\hline \begin{array} { l } \text { Total } \\\text { Applicants }\end{array} & 633 & 3,719 & 10,409 & 15,112 & 10,496 & 40,369 \\\hline\end{array}$$ ​
Enter your answer in decimal form, not as a fraction.
The probability is __________.

---

Definitions:

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of the good that suppliers are willing to sell, typically upwards sloping.

Consumer Surplus

The difference between the sum total consumers are ready and capable of contributing towards a good or service and what they genuinely contribute.

Price Floor

A government-imposed minimum price below which a specific good or service cannot legally be sold, aimed at protecting producers or encouraging certain activities.

Total Surplus

The complete net profit to society from the production and consumption of a good or service, reflected in the sum of consumer surplus and producer surplus.