At the lowest price for jeans, consumers will demand the _____ jeans, and producers supply the _____ jeans.
1 answer:
You might be interested in
We define the probability of a particular event occurring as:
What are the total number of possible outcomes for the rolling of two dice? The rolls - though performed at the same time - are <em>independent</em>, which means one roll has no effect on the other. There are six possible outcomes for the first die, and for <em>each </em>of those, there are six possible outcomes for the second, for a total of 6 x 6 = 36 possible rolls.
Now that we've found the number of possible outcomes, we need to find the number of <em>desired</em> outcomes. What are our desired outcomes in this problem? They are asking for all outcomes where there is <em>at least one 5 rolled</em>. It turns out, there are only 3:
(1) D1 - 5, D2 - Anything else, (2), D1 - Anything else, D2 - 5, and (3) D1 - 5, D2 - 5
So, we have
probability of rolling at least one 5.
What are the total number of possible outcomes for the rolling of two dice? The rolls - though performed at the same time - are <em>independent</em>, which means one roll has no effect on the other. There are six possible outcomes for the first die, and for <em>each </em>of those, there are six possible outcomes for the second, for a total of 6 x 6 = 36 possible rolls.
Now that we've found the number of possible outcomes, we need to find the number of <em>desired</em> outcomes. What are our desired outcomes in this problem? They are asking for all outcomes where there is <em>at least one 5 rolled</em>. It turns out, there are only 3:
(1) D1 - 5, D2 - Anything else, (2), D1 - Anything else, D2 - 5, and (3) D1 - 5, D2 - 5
So, we have