Based on Weather Data Collected in Racine,Wisconsin,on Christmas Day,the Weather

question 22

Multiple Choice

Based on weather data collected in Racine,Wisconsin,on Christmas Day,the weather had the following distribution: Supposing next Christmas is dry,determine the probability that it will also be cloudy.

• A)0.45
• B)0.50
• C)0.60
• D)0.70

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Definitions:

World Price

The price at which a good is traded on the world market; determined by the world demand and world supply for the good.

Tariff

A Tariff is a tax imposed by a government on imported goods, often used to protect domestic industries from foreign competition.

Opportunity Cost

Giving up the chance to benefit from other opportunities by selecting a specific option.

Dalers

A currency that was used in the past in various countries and territories, including Denmark and the United States.