The basic formula for the price elasticity of demand coefficient is
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1. The probability that the T-shirt will be grey :-
=》
=》
=》
hence, the probability of grey t-shirt is 0.1
2. The probability that the T-shirt will not be red :-
=》
=》
=》
=》
The probability that the T-shirt will not be red is
0.8
3. He takes one of his blue T-shirts at random.
What is the probability that the T-shirt is light blue
total blue t-shirts = 5
so, the probability of choosing light blue t-shirt is
=》
=》
=》
hence, the probability of choosing light blue t-shirt is 0.2