What Is the Probability of the Following Outcomes

question 4

Essay

What is the probability of the following outcomes?
(a)Pr(M = 7)
(b)Pr(M = 2 or M = 10)
(c)Pr(M = 4 or M ≠ 4)
(d)Pr(M = 6 and M = 9)
(e)Pr(M < 8)
(f)Pr(M = 6 or M > 10)

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Definitions:

Spreading Effect

The process by which increased investment leads to greater levels of income and consumption.

Diminishing Returns

A rule indicating that after reaching a specific threshold, further investments in a given sector will not yield higher profits at the same rate if all other factors stay unchanged.

Marginal Cost

The heightened expense incurred by fabricating an extra unit of a product or service.

Average Total Cost

The overall expense of manufacturing, including both fixed and variable costs, divided by the amount of product made.