It Has Been Reported That 3% of All Cars on the Highway

question 72

Short Answer

It has been reported that 3% of all cars on the highway are traveling at speeds in excess of 70 mph. If the speeds of four random automobiles are measured via radar, what is the probability that at least one car is going over 70 mph?

---

Definitions:

Study of Economics

The academic discipline that examines how individuals, businesses, governments, and nations make choices on allocating resources to satisfy their wants and needs.

Basic Truth

A fundamental, unquestionable fact or principle that serves as the foundation for a concept or belief system.

Economic Self-Interest

is a principle suggesting that individuals act in a way that maximizes their own benefits or gains, often driving economic decisions and actions.

Economic Behavior

The actions or decisions that individuals, households, businesses, and governments make in regard to the allocation of resources.