Three potential rescuers witness a drowning surfer. Each is willing to rescue the surfer with probability 0.80. What is the probability that the surfer is rescued?
What will be an ideal response?
The probability that no one rescues the surfer is 0.20 × 0.20 × 0.20 = 0.008, or 8%, so the probability that the surfer is rescued is 100% - 8% = 92%.
Economics
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When do Federal Reserve notes become part of the money supply (M1)? When they are
A) deposited in the vaults of commercial banks. B) printed by the Bureau of Engraving. C) received by the Federal Reserve Banks. D) spent by the public on newly-produced goods. E) withdrawn from commercial banks by the public.
Economics
A firm might be tempted to cheat on a collusive price-fixing agreement by setting a ________ price and producing ________ than agreed upon
A) lower; more B) lower; less C) higher; more D) higher; less
Economics