Members of the Saxophone Section of a Marching Band Are

question 43

Short Answer

Members of the saxophone section of a marching band are asked to attend saxophone-only practices once a week. These practices are not mandatory, but they are the only opportunity for the entire section to play together in preparation for the marching season. The section leader has noted that 70% of the section regularly attends practices. Further, given that they attend regularly, there is a 40% chance of earning an A on their performance when later graded by the band director. If they do not attend regularly, there is only a 10% chance of earning an A on their performance. What is the probability that a randomly chosen musician receives an A on their performance?

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Definitions:

Marginal Revenue

The additional revenue that a firm receives from selling one more unit of a good or service.

Average Total Cost

The total cost of production divided by the total output or quantity produced.

Monopolistically Competitive Firm

A firm that operates in a market with many competitors, each offering a slightly different product.

Profit-Maximizing Quantity

The level of production at which a firm achieves the highest possible profit, where marginal revenue equals marginal cost.