Sean Flipped a Coin 100 Times and Got Heads 42

question 92

Multiple Choice

Sean flipped a coin 100 times and got heads 42 times. He concludes that the probability of getting heads on a flip of his coin is 0.42. Which method did Sean use?

• A)Theoretical method
• B)Empirical method
• C)Multiplication method
• D)Subjective method

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Definitions:

Operating Income

A financial metric that shows how much of a company's revenue is left over after paying for variable costs of production like wages and raw materials.

Contribution Format

A method of income statement presentation that separates fixed costs from variable costs to show the contribution margin.

Break-even Point

The level of sales or production at which a business's revenues equal its expenses, resulting in no net profit or loss.

Variable Expenses

Costs that change in direct proportion to changes in the level of activity or volume of output produced.