THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 345

Essay

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
Three airlines serve a small town in Indiana.Airline A has 60% of all the scheduled flights,airline B has 30%,and airline C has the remaining 10%.Their on-time rates are 80%,60%,and 49% respectively.Define event D as an airline arrives on time.
-Calculate P(B ∩D).

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Definitions:

Private Property

Refers to land, buildings, or possessions owned by individuals or entities and not by the government or public organizations.

Economic Systems

The structured and organized methods by which societies allocate resources, distribute goods and services, and manage economic activity.

Factors of Production

are the inputs necessary for the creation of goods and services, which typically include land, labor, capital, and entrepreneurship.

Economic Function

The role or purpose that an economic activity serves in the broader economy, contributing to overall economic performance.