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An urn contains three red R balls numbered 1, 2 and 3, four white W balls numbered 4, 5, 6 and 7, and three black B balls numbered 8, 9 and 10. A ball is drawn from the urn. What is the probability that it is red?
Pairs
Two things considered together because of similarity, opposition, or adjacency; often used in context to describe complementary items or concepts.
Marginal Cost
The outlay for creating another unit of a product or service.
Economies of Scale
Cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale.
Output
The total amount of goods or services produced by a company, industry, or economy within a specific period.
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