Based on a USA Today Poll, Assume That 10% of the Population

question 57

Essay

Based on a USA Today poll, assume that 10% of the population believes that college is no longer a good investment. Find the probability that among 16 randomly selected people, at
least 1 believes that college is no longer a good investment.

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Definitions:

Marginal Utility

The change in total satisfaction or pleasure derived from consuming one more unit of a good or service.

Total Utility

The overall satisfaction or benefit a customer receives from consuming a particular good or service.

Marginal Utility

The increased happiness or usefulness gained by consuming an additional unit of a good or service.

Total Utility

The total satisfaction received from consuming a particular quantity of a good or service.