There Are Three Unfilled Seats on a Small Plane, but 10

question 66

Short Answer

There are three unfilled seats on a small plane, but 10 people showed up to try to get one of those three unfilled seats. If the airline picks three people at random to get on the plane, what is the probability you and your two kids will get on the plane?

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Definitions:

Process Innovation

The development and use of new or improved production or distribution methods.

Total Product Curve

A graphical representation showing how the total quantity of output produced by a firm varies with the quantity of a single variable input, holding other inputs constant.

Average Total Cost Curve

A graph that represents the total cost of production (fixed and variable costs combined) divided by the quantity of output produced, at various levels of output.

Diffusion

The spread of an innovation through its widespread imitation.