Suppose You and a Friend Each Choose at Random an Integer

question 48

Short Answer

Suppose you and a friend each choose at random an integer between 1 and 8, inclusive. For example, some
possibilities are (3, 7), (7, 3), (4, 4), (8, 1), where your number is written first and your friend's number second.
Find the following probabilities: (a) $p ($ you pick 5 and your friend picks $8 )$ .
(b) $p$ (sum of the two numbers picked is $< 4$ ).
(c) $p$ (both numbers match).
(d) $p$ (the sum of the two numbers is a prime).
(e) $p$ (your number is greater than your friend's number).

Understand the conditions under which a contract becomes personal and how it affects the assignability of the contract.

Distinguish between intended and incidental beneficiaries and their rights.

Explain the role and impact of oral assignments and their legal validity.

Comprehend the conditions under which third-party beneficiaries may enforce contractual rights.

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Definitions:

Total Utility

The total satisfaction or benefit a person receives from consuming a certain quantity of goods or services.

Marginal Utility

The extra pleasure or benefit gained by a person from consuming one more unit of a product or service.

Total Utility

The total satisfaction or benefit derived by a consumer from consuming a particular quantity of goods or services.

Marginal Utility

The additional satisfaction or utility that a person receives from consuming an additional unit of a good or service.