Economist Arthur Laffer suggests that beyond a certain point, high tax rates depress the economy so much that they actually reduce tax revenues. He proposed tax reductions as a means of stimulating the economy and, as a result, increase tax revenues. In the mid 1990’s Time magazine reported that 30% of the US Congress supported a tax cut as a means of stimulating the economy and increasing tax revenues. Suppose at that time 5 members of congress were randomly selected for an interview and asked whether they supported a tax cut to stimulate the economy. 1.2) Find the probability that at least three of the five members of congress who were interviewed were in favour of a tax cut (rounded off to four decimals).
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
Economist Arthur Laffer suggests that beyond a certain point, high tax rates depress the economy so much that they actually reduce tax revenues. He proposed tax reductions as a means of stimulating the economy and, as a result, increase tax revenues. In the mid 1990’s Time magazine reported that 30% of the US Congress supported a tax cut as a means of stimulating the economy and increasing tax revenues. Suppose at that time 5 members of congress were randomly selected for an interview and asked whether they supported a tax cut to stimulate the economy.
1.2) Find the probability that at least three of the five members of congress who were interviewed were in favour of a tax cut (rounded off to four decimals).
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
