First off, your chances of red are not really 50-50. You are overlooking the 0 slot or the 00 slot which are green. So, chances of red are 18 in 37 (0 slot) or 38 (0 and 00 slots). With a betting machine, the odds does not change no trouble what has occurred before. Think through the simplest circumstance, a coin toss. If I toss heads 10 times one after the other, the chances of tails about to happen on the next toss are still on a 50-50. A betting machine has no ability, no plan, and no past.
Chances (0 slot) that you success on red are 18 out of 37 (18 red slots), but likelihoods of losing are 19 out of 37 (18 black plus 0). For the wheel with both a 0 and 0-0 slot, the odds are poorer. You chances of red are 18 out of 38 (18 red slots win), and down are 20 out of 38 (18 black plus 0 and 00). It does not really matter on how long you play there, the probabilities would always continue the same on every spin. The lengthier you play, the more thoroughly you will tie the chances with a total net loss of that portion of a percent in accord of the house. 18 winning red slots and either 19 or 20 losing slots.
Answer: 20 Chocolate Chips
Step-by-step explanation:
To be honest, these answer choices are a bit baffling. The best answer in my opinion would be to do at least two of the three options given below.
- Place a price floor above the equilibrium.
- Decrease imports from other countries.
- Reduce current supply (reduce herd sizes).
Doing that should increase the prices.
Placing a floor above equilibrium will force the equilibrium to move upward, and with the reduce in supply from other countries, demand will shift toward the domestic producers. Without the demand shift, there simply would be an oversupply or surplus of dairy. Either the surplus is thrown away or its simply housed somewhere else (often at taxpayer expense).
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If you place a ceiling below equilibrium, then the price will go down to that ceiling value. That will be the highest price possible. This is the opposite of what the farmers want. It gets even worse when you increase milk imports (since supply goes up leading to further reduced prices). So that rules out choice A.
If you place a ceiling above equilibrium, then nothing happens. The price stays at equilibrium. Nothing too exciting here. This rules out choice B (though I agree with the "decrease imports" portion).
If you set a floor below equilibrium, then nothing happens similar to the last paragraph above. The price stays where it is. We can rule out choice C. Reducing herd sizes will reduce supply so that could maybe increase prices.
I'm not really familiar with the term "arbitrage" so I probably won't be any help here. That seems like an answer choice that is a distraction, but I'm not sure.
