Use the Relative Frequency Method to Estimate the Probability

question 72

Multiple Choice

Use the relative frequency method to estimate the probability. Round your answer to 2 decimal places when necessary.
-In a poll, respondents were asked whether they were planning to vote in the local election. 315 respondents indicated that they were planning to vote and 217 said that they were not. What is the
Probability that the next respondent questioned will indicate that they are planning to vote?

• A)1.45
• B)0.5
• C)0.41
• D)0.59

---

Definitions:

Producer Surplus

The difference between the amount a producer is willing to accept for a good and the actual price they receive.

Tacos

A traditional Mexican dish consisting of a folded or rolled tortilla filled with various mixtures, such as beef, cheese, vegetables, and spices.

Producer Surplus

The difference between what producers are willing to accept for a good versus what they actually receive, measured above the supply curve.

Market Price

The existing price point at which an asset or service is traded in a designated market area.