Probabilistic Reasoning Suppose you have a standard deck of…

Probabilistic Reasoning Suppose you have a standard deck of 52 cards, and suppose that it is well-shuffled.  Also suppose that you are drawing cards without replacement (i.e., when you draw a card, you do not put it back into the deck before drawing the next one).  (A standard deck of cards is composed of four suits—two black (spades and clubs) and two red (hearts and diamonds)—each containing one each of the following: ace, 2, 3, 4, 5, 6, 7, 8, 9, 10, Jack, Queen, and King.)   What is the probability that you draw a 3 on both of your first two draws? 

Refer to the optimization problem below.     Below are some…

Refer to the optimization problem below.     Below are some key information from the answer report and sensitivity report for the optimal solution.     If you want to know by how much the profit per shoe can increase without changing the optimal setting of decision variables, which value should you refer to?