The Probability That a Student at a Certain College Is

question 34

Multiple Choice

The probability that a student at a certain college is male is 0.47.The probability that a student at that college has a job off campus is 0.22.The probability that a student at the college is male and has a job off campus is 0.12.If a student is chosen at random from the college,what is the probability that the student is male or has an off campus job?

• A)0.57
• B)0
• C)0.81
• D)0.69
• E)0.45

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Definitions:

Total Consumer Surplus

The total benefit received by consumers in a market transaction, measured as the difference between what consumers are willing to pay and what they actually pay.

Price Ceiling

A government-imposed limit on how high the price of a good or service can be charged, usually intended to protect consumers.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay.

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive, typically illustrated as the area above the supply curve and below the market price.