A Homeowner Notices That 8 Out of 14 Days the Mail

question 23

Multiple Choice

A homeowner notices that 8 out of 14 days the mail arrives before 3pm. She concludes that the probability that the mail will arrive before 3pm tomorrow is about 57%. Is this an example of a theoretical or empirical probability?

• A)Theoretical
• B)Empirical

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Definitions:

Rival

An entity competing against another for the same objective or for superiority in the same field of activity.

Excludable

A feature of a product or service enabling its owner to exclude others from usage unless payment is received.

Property Rights

The legal rights to possess, use, and dispose of assets, including property and intellectual property.

Allocate Resources

The process of assigning available assets, time, and effort to various tasks or purposes in order to achieve specific goals.