Solve the Problem $\frac { 1 } { 60 }$ B) $\frac { 1 } { 10 }$

question 106

Multiple Choice

Solve the problem.
-There are 5 women running in a race. If a person guesses randomly the first place, second place, and third place winners, what is the Probability that they will guess all winners correctly?

• A) \(\frac { 1 } { 60 }\)
• B) \(\frac { 1 } { 10 }\)
• C) \(\frac { 1 } { 125 }\)
• D) \(\frac { 1 } { 15 }\)

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Definitions:

Cross Price Elasticity

A gauge of the responsiveness in the demand for a specific product due to fluctuations in the pricing of another product.

Midpoint Method

A technique used in economics for calculating elasticity by averaging the starting and ending prices and quantities.

Cross-Price Elasticity

Measure of how the quantity demanded of one good responds to a change in the price of another good.

Positive

Affirmative, constructive, or based on factual data; often used in reference to positive statements in economics which describe the world as it is, rather than how it should be.