Suppose You Have an Extremely Unfair Coin: the Probability of a Head

question 63

Short Answer

Suppose you have an extremely unfair coin: The probability of a head is 1/3 and the probability of a tail is 2/3. If you toss the coin 72 times, how many heads do you expect to see?

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Definitions:

Substitution

The act of replacing one good or service with another in response to changes in price or preference, affecting consumer choices and market demand.

MU/P

Refers to the marginal utility per price, a concept in economics that describes the additional satisfaction or utility that a consumer gains from consuming one more unit of a good or service, relative to its price.

Process Innovation

The implementation of a new or significantly improved production or delivery method.

Scientific Principles

Fundamental concepts or laws that are based on scientific evidence and reasoning, serving as the foundation for scientific research and understanding of the natural world.