Find the Indicated Probability

question 145

Multiple Choice

Find the indicated probability. Round to four decimal places.
-An airline estimates that 93% of people booked on their flights actually show up. If the airline books 73 people on a flight for which the maximum number is 71, what is the probability that the
Number of people who show up will exceed the capacity of the plane?

• A)0.0275
• B)0.0325
• C)0.1070
• D)0.0050

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Definitions:

Break-even Point

The point at which total costs and total revenue are equal, meaning there is no net loss or gain.

Long-run Supply Curve

A graphical representation showing the relationship between the price level and the quantity of output that producers are willing to supply, taking into account all factors of production can be varied.

Profitable Output

The production or output level from a business operation that generates a financial gain or profit.

Firm

An organization engaged in commercial, industrial, or professional activities, typically with the aim of earning a profit.