What Is the Probability of Rolling Two Six- Sided Dice

question 52

Essay

What is the probability of rolling two six- sided dice and obtaining at least one 3?

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Definitions:

Elastic Demands

Describes demand that is highly responsive to changes in price, with significant changes in the quantity demanded.

Consumer Surplus

The gap between the total sum consumers are ready and capable of paying for a good or service versus what they really spend.

Industry Profits

The total earnings of companies within a specific sector after all expenses are subtracted from revenue.

Perfectly Price Discriminate

A pricing strategy where a seller charges each buyer the maximum price they are willing to pay, resulting in the seller capturing all consumer surplus.