Compute and Interpret Probabilities Using the Classical Method
-A Single $\{ ( 1,1 ) , ( 1,2 ) , ( 1,3 ) , ( 1,4 ) , ( 1,5 ) , ( 1,6 )$

question 259

Multiple Choice

Compute and Interpret Probabilities Using the Classical Method
-A single die is rolled twice. The set of 36 equally likely outcomes is $\{ ( 1,1 ) , ( 1,2 ) , ( 1,3 ) , ( 1,4 ) , ( 1,5 ) , ( 1,6 )$ , $( 2,1 )$ , $( 2,2 ) , ( 2,3 ) , ( 2,4 ) , ( 2,5 ) , ( 2,6 ) , ( 3,1 ) , ( 3,2 ) , ( 3,3 ) , ( 3,4 ) , ( 3,5 ) , ( 3,6 ) , ( 4,1 ) , ( 4,2 ) , ( 4,3 ) , ( 4,4 ) , ( 4,5 ) , ( 4,6 ) , ( 5,1 )$ , $( 5,2 ) , ( 5,3 ) , ( 5,4 ) , ( 5,5 ) , ( 5,6 ) , ( 6,1 ) , ( 6,2 ) , ( 6,3 ) , ( 6,4 ) , ( 6,5 ) , ( 6,6 ) \}$ . Find the probability of getting two numbers whose sum is greater than 10 .

• A) \(\frac { 1 } { 12 }\)
• B) \(\frac { 5 } { 18 }\)
• C) \(\frac { 1 } { 18 }\)
• D) 3

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Definitions:

Reference Price

The price that a consumer considers reasonable or compares with when evaluating a potential purchase.

Elastic

A term in economics that describes the sensitivity of demand for a product in response to changes in its price.

Strategic Pricing

This is the practice of setting prices to maximize a company's profits by considering the product's value to the customer, market conditions, and competition.

Price Objectives

The goals a company aims to achieve regarding the pricing of its products or services, which can include maximizing profitability, increasing market share, or deterring competition.