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A baseball player has a batting average of 0.346, so the probability of a hit is 0.346. Assume that his hitting attempts are independent of each other. Assume that the batter gets up to bat 4 times in each game. Estimate the probability that in 50 consecutive games, there are at least 45 games in which the batter gets at least one hit. (Hint: first find the probability that in one game the batter gets at least one hit)
Marginal Benefit
The extra pleasure or benefit derived from consuming an additional unit of a product or service.
Marginal Cost
The cost of producing one additional unit of a product.
Society's Well-Being
A condition where the general population experiences a high level of health, happiness, and prosperity.
Marginal Benefit
The additional benefit arising from a unit increase in a particular activity.
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