Find the Indicated Probability

question 4

Multiple Choice

Find the indicated probability.
-In a homicide case 4 different witnesses picked the same man from a line up. The line up contained 5 men. If the identifications were made by random guesses, find the probability that all 4 witnesses would pick the same
Person.

• A) 0.0009766
• B) 0.8
• C) 0.0016
• D) 0.008

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Definitions:

Deadweight Loss

A reduction in economic effectiveness that happens when a good or service fails to reach or cannot reach its equilibrium.

Demand

The quantity of a good or service that consumers are willing and able to purchase at a given price.

Elastic

A characteristic of supply or demand that indicates a high sensitivity to changes in price.

Inelastic

Describes a situation where a change in price leads to a relatively small change in the quantity demanded or supplied.