Determine the Number of Outcomes That Comprise the Specified Event

question 93

Multiple Choice

Determine the number of outcomes that comprise the specified event.
-Suppose you are playing a game of chance. If you bet $5 on a certain event, you will collect $150 (including your $5 bet) if you win. Find the odds used for determining the payoff.

• A)29 to 1
• B)30 to 1
• C)150 to 155
• D)1 to 29

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Definitions:

Absolute Advantage

The ability of a party to produce a greater quantity of a good, product, or service than competitors, using the same amount of resources.

Banana Production

The cultivation, harvesting, and processing of bananas, typically for consumption as food or for use in various products.

Comparative Advantage

The ability of an individual or firm to produce a good or service at a lower opportunity cost than other producers.

Absolute Advantage

The capacity of a person, corporation, or nation to manufacture a product or provide a service at a lower unit cost than rival entities.