The Table Displays the Probabilities for Each of the Outcomes

question 272

Multiple Choice

The table displays the probabilities for each of the outcomes when three fair coins are tossed and the number of heads is counted. Find the probability that the number of heads on a single toss of
The three coins is at most 2. $$\begin{array} { | l | c | c | c | c | } \hline \text { Outcome } & 0 & 1 & 2 & 3 \\\hline \text { Probability } & .125 & .375 & .375 & .125 \\\hline\end{array}$$

• A).875
• B).750
• C).125
• D).500

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Definitions:

Consumer Surplus

The economic benefit consumers receive when they pay a price below what they were willing to pay, reflecting consumer satisfaction in economic transactions.

Consumer Surplus

The disparity between the ideal payment consumers are ready to make for a good or service and the real amount paid.

Total Expenditure

The overall amount of money spent by individuals, households, or an economy on goods and services over a specific period of time.

Snob Effect

Negative network externality in which a consumer wishes to own an exclusive or unique good.