Find the Indicated Probability If One of the 87 Flights Is Randomly Selected, Find

question 71

Multiple Choice

Find the indicated probability. Express your answer as a simplified fraction unless otherwise noted.
-The following table contains data from a study of two airlines which fly to Small Town, USA. $$\begin{array} { c | c c } & \text { Number of flights} & \text { Number of flights } \\& \text { which were on time } & \text { which were late } \\\hline \text { Podunk Airlines } & 33 & 6 \\\text { Upstate Airlines } & 43 & 5\end{array}$$
If one of the 87 flights is randomly selected, find the probability that the flight selected is an Upstate Airlines flight given that it was late.

• A) \(\frac { 5 } { 87 }\)
• B) \(\frac { 5 } { 48 }\)
• C) \(\frac { 5 } { 11 }\)
• D) None of the above is correct.

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Definitions:

Inelastic

A situation in which the demand or supply for a good or service is relatively unresponsive to changes in price.

Deadweight Loss

A decline in economic effectiveness that happens when a good or service does not reach or cannot reach market equilibrium.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, reflecting the goods' sensitivity to price changes.

Laffer Curve

A theory that illustrates the relationship between tax rates and the amount of tax revenue collected by governments.