In a 1-Pond Bag of Skittles the Possible Colors Were

question 243

Multiple Choice

In a 1-pond bag of skittles the possible colors were red, green, yellow, orange, and purple. The probability ofdrawing a particular color from that bag is given below. Is this a probability model?
$$\begin{array} { | l | l | } \hline \text { Color } & \text { Probability } \\\hline \text { Red } & 0.2299 \\\hline \text { Green } & 0.1908 \\\hline \text { Orange } & 0.2168 \\\hline \text { Yellow } & 0.1889 \\\hline \text { Purple } & 0.1816 \\\hline\end{array}$$

• A) Yes
• B) No

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Definitions:

Substitutes

are goods or services that can be used in place of each other, where an increase in the price of one leads to an increase in demand for the other.

Demand Curve

A graph showing the relationship between the quantity of a good or service that consumers are willing to buy and its price.

Price

The pecuniary sum needed, anticipated, or disbursed for purchasing something.

Demand Curve

A Demand Curve illustrates how the quantity demanded of a good or service varies with its price, typically showing an inverse relationship.