Does he have a case is the procedure not fair

Assignment Help Finance Basics
Reference no: EM131144291

Ten people are on a life raft in the middle of the ocean. It is sinking and help is nowhere in sight. It has been determined that the raft is carrying too heavy a load and one person has to go overboard. No one wants to be that person. To be fair, they decided to draw lots. Ten straws were miraculously produced, 9 long and 1 short. They take turns drawing the straw. The first 6 people all drawn long straws, much to their relief. When it comes to the 7th person, he refused, saying the whole thing is not fair. He said the 1st person had 1 chance in 10 of going overboard, but he has 1 in 4. (4 straws left, 1 short and 3 long) The odds of 1 in 4 are a great deal larger than those of 1 in 10. Does he have a case? Is the procedure not fair?

Reference no: EM131144291

Questions Cloud

What test can be used to test the hypothesis that an increas : What test can be used to test the hypothesis that an increase in amount of sleep will change the number of medical errors per day? Implement the test in Problem 7.90, and report a two-tailed P-value. What would be the power of the type of test used i..
Determine the total estimated uncollectibles : Ingles Company has accounts receivable of $93,100 at March 31. An analysis of the accounts shows the information.
What are the degrees of freedom for among values : What is the hypothesis scenario? What are the degrees of freedom for Among Values? What is the SST?
The ledger of hixson company at the end of the current year : If Allowance for Doubtful Accounts has a credit balance of $2,100 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be
Does he have a case is the procedure not fair : He said the 1st person had 1 chance in 10 of going overboard, but he has 1 in 4. (4 straws left, 1 short and 3 long) The odds of 1 in 4 are a great deal larger than those of 1 in 10. Does he have a case?
Prepare the entries on arnesons books to record the sale : On January 6, Arneson Co. sells merchandise on account to Cortez Inc. for $9,000, terms 2/10, n/30. On January 16, Cortez Inc. pays the amount due. Prepare the entries on Arneson's books to record the sale and related collection.
Prepare journal entries for the transactions above : Presented below are selected transactions of Pale Force Company. Pale Force sells in large quantities to other companies and also sells its product in a small retail outlet.
Average collection period in days : In 2010, Drew Gooden Company has net credit sales of $1,600,000 for the year. It had a beginning accounts receivable (net) balance of $101,000 and an ending accounts receivable (net) balance of $107,000.
Find the mean and standard deviation for the number : Find the mean and standard deviation for the number of actual voters in groups of 1002. In the survey of 1002 people, 701 said that they voted in the last presidential election (based on data from ICR Research Group). Is this result consistent with t..

Reviews

Write a Review

Finance Basics Questions & Answers

  Financial reporting and analysis

Finance is about Gunns Ltd, a company in dealing with forestry products in Australia. The company has also been listed in Australian Stock Exchange. As many companies producing forestry products, even Gunns Ltd is facing various problems. Due to the ..

  A report on financial accounting

This report is specific for a core understanding for Financial Accounting and its relevant factors.

  Describe the types of financial ratios

Describe the types of financial ratios and other financial performance measures that are used during venture's successful life cycle.

  Differences between sole proprietorship and corporation

Briefly describe the major differences between a sole proprietorship and a corporation

  Prepare a cash budget statement

Calculate the expected value of the apartment in 20 years' time. What is the mortgage loan repayment at the beginning of each month

  What are the implied interest rates

What are the implied interest rates in Europe and the U.S.?

  State pricing theory and no-arbitrage pricing theory

State pricing theory and no-arbitrage pricing theory

  Small business administration

Identify the likely stage for each venture and describe the type of financing each venture is likely to be seeking and identify potential sources for that financing.

  Effect of financial leverage

The Effect of Financial Leverage and working capital management

  Evaluate the basis for the payment to the lender

Evaluate the basis for the payment to the lender and basis for the payment to the company-counterparty.

  Importance of opps, ipps, mpfs and dmepos

Research and discuss the differences and importance of : OPPS, IPPS, MPFS and DMEPOS.

  Time value of money

Time Value of Money project

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd