What Is the Probability That One Can Call the Flip

question 85

Multiple Choice

What is the probability that one can call the flip of a coin correctly at least 6 out of 7 times assuming that the coin is fair?

• A) 0.0078
• B) 0.0547
• C) 0.5000
• D) 0.0625
• E) 0.1250

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Definitions:

Pareto Optimal

A situation in which it is impossible to make any one individual better off without making at least one individual worse off.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning that individuals cannot be effectively excluded from use and where use by one individual does not reduce availability to others.

Private Consumption

The total spending by households and individuals on goods and services for personal use, excluding government spending.

Pareto Optimal

A circumstance in resource distribution where an improvement for one individual correlates with a setback for another.