Compute the Probability of an Event Using the Complement Rule $0.4$

question 153

Multiple Choice

Compute the Probability of an Event Using the Complement Rule
-A game has three outcomes. The probability of a win is $0.4$ , the probability of tie is $0.5$ , and the probability of a loss is $0.1$ . What is the probability of not winning in a single play of the game.

• A) \(0.6\)
• B) \(0.5\)
• C) \(0.1\)
• D) \(0.33\)

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Definitions:

Marginal Utility

The additional satisfaction or benefit one receives from consuming one more unit of a good or service.

Value Loss

The decline in the worth or market value of an asset, often due to changes in market demand or damage.

Total Utility

The overall satisfaction or benefit a consumer receives from consuming a particular quantity of a good or service.

Maximize Utility

The concept in economics that individuals or firms seek to achieve the highest level of satisfaction or benefit from their choices given their resources.