Ellen offers to sell her math textbook to Julia for $50. Julia does not respond. Ellen and Julia do not have a contract because they lack the requirement of
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Mila is at a flea market. She has $50 in her wallet. She decides that she will spend $15 on jewelry, $20 on a pair of jeans, $5 on a T-shirt, and $10 on something to eat. She likes a one-of-a-kind T-shirt, but the seller is not ready to sell it for less than $8. She thinks of five ways to deal with this situation. Which two choices indicate a trade-off? She will try to find another seller selling the T-shirt for a lower price. She will give up on the T-shirt and use the money to buy better jeans. She will use some of the money she received from her aunt on her birthday. She will pay the seller $5 and promise to pay the remainder on another day. She will buy the T-shirt for $8 and not order juice at lunch.
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Julie wants to buy a car and is deciding how she should invest her money. To best meet her needs, she should
Haricharan G.
Tiffany plans to sell pies that she will buy this evening at a street fair tomorrow. If the weather is nice, she will earn $\$ 150 ;$ however, if it rains, she will lose $\$ 50,$ the amount she would pay for the pies that she won't be able to sell. The weather forecast says that the chance of rain is $20 \% .$ What does she expect to earn? How much more would she expect to earn if she had perfect information about the probability of rain far enough before the street fair that she would only buy the pies she could sell? (Hint: See Solved Problem $17.1 .)$
Uncertainty
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