Given the Contingency Table Shown Here,find P(V or S)

question 78

Multiple Choice

Given the contingency table shown here,find P(V or S) .

• A)0.3825
• B)0.4300
• C)0.0475
• D)0.4775

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Definitions:

Perfect Substitutes

Goods or services that can be used in place of each other with no loss of utility to the consumer.

Monotonic Transformation

A mathematical operation applied to a function that preserves the order of the data.

Utility Function

An equation that calculates the total utility a consumer gains from consuming a certain quantity of goods and services.

Indifference Curves

Graphical representations of all the combinations of goods and services that provide equal satisfaction to a consumer.