Final answer:
Joan is asking about the probability or likelihood of Michelle winning her race, which refers to the mathematical concept of odds.
Step-by-step explanation:
When Joan is asking about the odds of Michelle's race, she is inquiring about the chances of Michelle winning the race, not the race duration, distance, or the number of participants. Odds in this context refer to the probability or likelihood that a certain event will occur, in this case, Michelle's potential victory in a race. The term is commonly used in statistics and probability, which are important mathematical concepts.