Use the Special Multiplication Rule to Find the Indicated Probability

question 3

Multiple Choice

Use the special multiplication rule to find the indicated probability.
-In one large city, 42% of all voters are Democrats. If two voters are randomly selected for a survey, find the probability that they are both Democrats.

• A)0.176
• B)0.420
• C)0.172
• D)0.840

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Definitions:

Opportunity Costs

Sacrificing potential profits from other possibilities when a certain option is selected.

Equity Capital

Funds raised by a company in exchange for a share of ownership in the company, often through the sale of stock.

Depreciation

The process of allocating the cost of a tangible or physical asset over its useful life, reflecting the decrease in value over time.

Economic Profit

Economic profit is the surplus that remains when total revenue exceeds the total costs, including both explicit and implicit costs.