Number of brown trout = 6
Number of lake trout = 18
Total number of trouts =
Probability to catch a lake trout first time =
As the fisherman let the trout go, so probability for the second time is =
Hence, the probability becomes=
=
The probability to find the brown trout is
as ,
=
For this case what you should do is observe the classic graph of supply and demand.
In this graph, we are going to visualize only the demand curve.
Two facts are met for the claim:
1) If the price is high, the quantity demanded decreases.
2) If the price is low, the quantity demanded increases.
Answer:
The lower prices imply an increase in the quantity demanded.
