Event 2A Given the Following Event

question 12

Multiple Choice

Event 2A
Given the following event:
Given an urn containing 2 black, 3 yellow, and 5 orange balls. Two balls are drawn and the first ball is not replaced before the second is drawn.
-Given Event 2A, what is the probability that the two balls are the same color?

• A) 7/25
• B) 19/45
• C) 14/45
• D) 8/25
• E) 1/4

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Definitions:

Marginal Cost

Expenses related to the production of an additional unit of any good or service.

Short-Run Supply

A graphical representation that shows the quantity of goods that suppliers are willing and able to produce and sell at different prices in the short-term, with some inputs fixed.

Short Run

A time period in economics where at least one factor of production is fixed, limiting the immediate response to changes in demand or supply.

AVC

Average Variable Cost, the total variable cost divided by the quantity of output, representing the variable cost per unit of output.