Container 1 Has 8 Items,3 of Which Are Defective

question 3

Multiple Choice

Container 1 has 8 items,3 of which are defective.Container 2 has 5 items,2 of which are defective.One item is selected at random from each container.What is the probability that the item from container one is defective and the item from container 2 is not defective?

• A)225
• B)006
• C)399
• D)521
• E)178

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Definitions:

Equilibrium Price

Equilibrium price is the market price where the quantity of goods supplied is equal to the quantity of goods demanded.

Willingness to Pay

The maximum amount an individual is prepared to spend on a good or service.

Pumpkin Market

A theoretical or real market where pumpkins are bought and sold, often used to illustrate principles of supply and demand or seasonal markets.

Consumer Surplus

The gap between what consumers are ready to pay in total and what they end up actually paying.