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:

Price

Price is the amount of money that must be paid to acquire a good or service.

Consumer Surplus

The gap between what consumers are ready and able to spend for a good or service and the actual amount they pay.

Willingness to Pay

The maximum amount an individual is prepared to expend on a good or service, reflecting the value they place on it.

Consumer Surplus

The discrepancy between the total sum consumers are prepared and capable of spending on a product or service and what they end up spending.