A Statistics Professor Has Noted from Past Experience That a Student

question 52

Short Answer

A statistics professor has noted from past experience that a student who follows a program of studying two hours for each hour in class has a probability of 0.9 of getting a grade of C or better, while a student who does not follow a regular study program has a probability of 0.2 of getting a C or better. It is known that 70% of the students follow the study program. Find the probability that a student who has earned a C or better grade, followed the program.

Differentiate between comparative and absolute advantage.

Grasp the role of opportunity cost in economic decisions.

Explain the characteristics and benefits of a market economy.

Describe the implications of private ownership and free exchange.