Let F Be the Event That a Student Is Enrolled

question 31

Multiple Choice

Let F be the event that a student is enrolled in a finance course,and let S be the event that a student is enrolled in a statistics course. It is known that 40% of all students are enrolled in an finance course and 35% of all students are enrolled in statistics. Included in these numbers are 15% who are enrolled in both statistics and finance. Find P(S) .

• A) 0.15
• B) 0.35
• C) 0.40
• D) 0.55
• E) 0.60

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Definitions:

Income Effect

The change in consumer demand for goods and services induced by a change in income, affecting the purchasing power of the consumer.

Substitution Effect

The change in consumption patterns due to a change in relative prices, prompting consumers to substitute one good for another.

Giffen Good

A rare type of good whose demand increases as its price increases, violating the basic law of demand, typically due to the absence of close substitutes.

Historic Preservation Easement

A voluntary agreement that allows a property owner to legally restrict future changes to a historic property to preserve its heritage.