The Data Below Show the Types of Medals Won by Athletes

question 203

Essay

The data below show the types of medals won by athletes representing the United States in the Winter Olympics. Suppose that one medal is chosen at random and the type of medal noted. $$\begin{array} { l l l l l l l } \text { gold } & \text { gold } & \text { silver } & \text { gold } & \text { bronze } & \text { silver } & \text { silver } \\\text { bronze } & \text { gold } & \text { silver } & \text { silver } & \text { bronze } & \text { silver } & \text { gold } \\\text { gold } & \text { silver } & \text { silver } & \text { bronze } & \text { bronze } & \text { gold } & \text { silver } \\\text { gold } & \text { gold } & \text { bronze } & \text { bronze } & & &\end{array}$$ Given that the medal is not bronze, what is the probability that the medal is gold?

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Definitions:

Consumer Surplus

The difference between the total amount that consumers would have been willing to pay for a good or service versus what they actually pay.

Total Surplus

The sum of consumer surplus and producer surplus, measuring the overall welfare benefit to a society from the production and consumption of goods and services.

Domestic Producers

Domestic producers are individuals or companies that produce goods or services within their home country's borders.

Domestic Consumers

Individuals or households within a country that purchase goods and services for personal use.