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In the two upcoming basketball games, the probability that UTC will defeat Marshall is 0.63, and the probability that UTC will defeat Furman is 0.55. The probability that UTC will defeat both opponents is 0.3465.
a.What is the probability that UTC will defeat Furman given that they defeat Marshall?
b.What is the probability that UTC will win at least one of the games?
c.What is the probability of UTC winning both games?
d.Are the outcomes of the games independent? Explain and substantiate your answer.
Binding Minimum Wage
A government-set minimum wage that is above the equilibrium wage, potentially leading to unemployment because the quantity of labor supplied exceeds the quantity demanded.
Labor Demanded
The total number of workers that employers are willing and able to hire at a given wage rate in a certain period of time.
Labor Supplied
The aggregate amount of hours that employees are prepared and capable of working for a specified rate of pay.
Binding Price Floor
A minimum price set by the government or body above the equilibrium price, leading to excess supply if the market cannot legally adjust to its equilibrium.
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