Assume That the Number of Pieces of Junk Mail Per

question 21

Multiple Choice

Assume that the number of pieces of junk mail per day that a person receives in their mail box follows the Poisson distribution and averages 4.3 pieces per day. What is the probability that this person will receive more than two pieces of junk mail tomorrow?

• A)0.8026
• B)0.5062
• C)0.6656
• D)0.4298

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Definitions:

Elasticity of Supply

A measure of how much the quantity supplied of a good responds to a change in the price of that good.

Income Elasticity

A measure of how much the demand for a product changes with a change in consumers' income.

Quantity Supplied

the amount of a good or service that producers are willing and able to sell at a given price.

Elastic

Describes a situation where a change in one factor (such as price) leads to a relatively larger change in another factor (such as quantity demanded or supplied).