Suppose you are willing to pay $1,000 for a low-quality used car and $8,000 for a high-quality used car. If there is a 60 percent chance of getting a low-quality car and a 40 percent chance of getting a high-quality car, you are willing to pay ___ for a used car. (Enter your response rounded to the nearest dollar.)

Willing to pay $3,800 for a used car.

Explanation:

Low Quality Used Car = $1000

Probability of getting low quality used car = 60%

High Quality Used Car = $8,000

Probability of getting high quality used car = 40%

Since both the low quality and high quality are used cars, we can calculate how much to pay for used car by taking weighted average of high quality and low quality used cars, and, assign weights as the probability of getting each car:

⇒(1,000 * 60%) + (8,000 * 40%)

⇒ 600 + 3,200

⇒ $3,800

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.

answer; closing the loop;