Answer:
Expected pay winning $50= $0.585
Expected pay winning $25= $2.36
Expected pay for anything else= $-4.35
Expected returns=3.59
Expected value for one play= $(-1.41)
Do not play this game because you will lose $1.41
Step-by-step explanation:
Probability P(3 hearts) = (13/52)×(12/51)×(11/50) = 0.013
Probability P(3black)= (26/52)×(24/51)×(23/50) = 0.118
Probability P(drawing anything else)= 1 - 0.013 - 0.118= 0.869
Expected pay($50)= 0.013$(50-5)= $ 0.585
Expected pay($25)= 0.118(25-5)$ = $2.36
Expected pay for anything else= 0.869(0-5)$ =$(-4.347)
Expected value of one play=$ (0.585 + 2.353 -4.347) = -$1.41
c) Do not play the game.
Answer: The slope is 3
Step-by-step explanation:
For each unit of run in the x-values, there is an increase of 3 in the y-values. Slope is Rise over Run so 3/1 = 3
When the demand and supply curve intersect, that is, where the quantity demanded and quantity supplied are equal, the market is said to be in equilibrium. Thus, the given quantity is equilibrium quantity.
From the graph, we see that when the production cost of wheat is $4, the equilibrium quantity is 600 units.
When the production cost lowers from $4 to $3, the supply of wheat increases, such that the equilibrium quantity increases from 600 units to 800 units.
Thus, after an increase in supply, the equilibrium quantity increases.
So, Option A is the correct answer.
