You Take a Surprise Quiz in Your Astronomy Class with 12

question 17

Multiple Choice

You take a surprise quiz in your astronomy class with 12 multiple-choice questions.You estimated that you would have about a 80% chance of getting any individual question correct.What are your chances of getting them all right? Your simulation should use at least 20 runs.

• A)9.6
• B)429,981,696
• C)96
• D)7.3003721
• E)0.06871948

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Definitions:

Opportunity Costs

The cost of foregoing the next best alternative when making a decision. It represents the benefits an individual, investor, or business misses out on when choosing one alternative over another.

Fixed Costs

Expenses that do not change with the level of goods or services produced over the short term.

Variable Costs

Costs that vary directly with the level of production or business activity, such as raw materials, packaging, and labor directly involved in a company's manufacturing process.

Sunk Costs

Expenses that have already been incurred and cannot be recovered or altered, and should not be considered in future business decisions.