There Are Three General Locations That a Taxi Can Go

question 66

True/False

There are three general locations that a taxi can go to: the airport, downtown, and elsewhere. When a taxi driver starts in the downtown location, there is a 0.40 chance that his first call will take him to the airport and a 0.40 chance of going to another downtown location. Once a taxi is at the airport, there is a 0.80 probability that the next fare will take him downtown and a 0.20 chance of going elsewhere. The probability of a call from anywhere except downtown taking him to the airport is 0.20. Therefore, the probability that the taxi is at the airport when the third call arrives after going on shift is 0.20.

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Definitions:

Permanent/Temporary

Conceptual labels for different types of accounts in accounting, with permanent accounts being those that carry their balances into the next accounting period and temporary accounts being closed at the end of each period.

Financial Statement

A written report that quantitatively describes the financial health of a company, including balance sheet, income statement, and cash flow statement.

Permanent/Temporary

Designations for accounts or job positions that indicate if they are expected to last indefinitely or have a fixed duration, respectively.