Five-Digit Random Numbers Are Used to Simulate Scores on Each

question 1

Multiple Choice

Five-digit random numbers are used to simulate scores on each hole in an 18-hole round c The correspondence between the random numbers and scores on each hole is chosen to bc follows.
$\begin{array}{l|c}\text { Numbers } & \text { Score (Probability) } \\\hline 00000 & \text { Hole-in-one }(0.001 \%) \\00001-05000 & \text { Eagle }(5 \%) \\05001-20000 & \text { Birdie }(15 \%) \\20001-60000 & \text { Par }(40 \%) \\60001-90000 & \text { Bogey }(30 \%) \\90001-99999 & \text { Double-Bogey }(10 \%) \end{array}$

Use the following portion of a random numbers table starting with the highlighted numbe and determine how many holes the simulated golfer made par or better (i.e., how many holes-in-one, eagles, birdies, and pars were obtained in the 18 holes) . Use the highlightec as the score on the first hole; work down a column moving from left to right, column to $\mathrm { c }$ : needed.

olf. number
Lumn as

• A) 13
• B) 10
• C) 12
• D) 11

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Definitions:

Price Taker

A buyer or seller that is unable to influence the market price of a product or service.

Marginal Revenue Curve

A graphical representation showing how the revenue from selling one more unit of a good or service changes as production volume changes.

Price-searcher Firm

A company that has the ability to set the price for its products because it does not face perfect competition.

Marginal Revenue

The increase in revenue that results from the sale of one additional unit of product.