Question

b) Some economists in the cOuntry are proposing mandatory wage and price controls to combat inflation, but others claim such controls are ineffective. Suppose it is established that 40% of all adults in the country favour wage and price controls. If 5 adults are selected at random, find the probability that: i. At least 3 favour wage and price controls?​

Answer 1

3/5

Explanation:

40% of all adults favor wage and price controls, that means that 4 out of every 10 adults favor them. Therefore, if 5 adults are selected at random, the probability that at least 3 of them favor wage and price controls is 3/5 or 60%.