Four of Your Students Submitted an Entry to a Writing

question 52

Essay

Four of your students submitted an entry to a writing contest.A total of 24 entries were submitted.Six of the entries will move on to the next round.
a.What is the probability that all four of your students will move on to the next round?
b.How many of your students are expected to move to the next round?
c.What is the probability that fewer of your students than expected will make it to the next round than expected?

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Definitions:

Socially Optimal Level

A state at which the allocation of resources maximizes social welfare, often where marginal social benefit equals marginal social cost.

Marginal Revenue

Marginal revenue is the additional income received from selling one more unit of a product or service.

Marginal Cost

Marginal cost is the increase or decrease in the total cost of producing one additional unit of a good or service.

Total Revenue

The total amount of money generated by a firm from the sale of its goods or services, calculated before any expenses are subtracted.