a For a certain commodity the supply and demand equations ha

a. For a certain commodity, the supply and demand equations have been estimated by S = 3.5p+11.8 and D=23.6-0.5p. Find the market price (in dollars and quantity (in thousands of units).

b. Five cards are dealt at random from a deck of 52 playing cards. Find the probability that three of them are aces.

Solution

b.we have to pick 5 cards from 52

to select three aces from 4 aces,number of ways=4C₃=4

we have to select 2 cards from remaining 48 cards,no.of ways=52C₂

number of elements of feasible set,n(E)=4*52C₂

Total number of ways to select 5 cards from 52=n(S)=52C₅

probability=n(E)/n(S)=4*52C₂/52C₅