What Is the Probability of Obtaining at Least One Tail

question 135

Short Answer

What is the probability of obtaining at least one tail in 4 flips of a coin? Give your answer as a fraction.

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Definitions:

Total Revenue Curve

A graphical representation that shows the relationship between the total revenue a firm receives from selling its product and the quantity of the product sold.

Perfectly Competitive Firm

A company that cannot control market prices and must therefore accept the prevailing market price for its products or services.

Short-run

A period in economics during which some factors of production or inputs are fixed, unable to be changed to respond to market conditions.

Marginal Revenue Curve

A graphical representation that shows how much additional revenue a firm will make by selling one more unit of a product.