A Math Student Is Interested in Counting the Number of Jelly

question 16

Short Answer

A math student is interested in counting the number of jelly beans in a jar. The student opens the jar and removes 45 jelly beans. She places a distinctive mark on each bean and places it back in the jar. After thoroughly shaking the jar, she reaches in and removes 30 jelly beans of which 5 are marked. Using the techniques of capture-mark-recapture, estimate the number of jelly beans in the jar. Give your answer rounded to the nearest whole number.

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Definitions:

Inputs

Resources used in the production process, including labor, capital, materials, and energy.

Budget

An estimation of revenue and expenses over a specified period.

Isocost Line

Graph showing all possible combinations of labor and capital that can be purchased for a given total cost.

Input Combinations

The various mixes of inputs or factors of production a firm can use to produce a given level of output.