A and B Are Mutually Exclusive Outcomes in a Probability

question 65

Multiple Choice

A and B are mutually exclusive outcomes in a probability distribution. The p(A) = .24 and the p(B) = .13. The p(A or B) then equals.

• A).11
• B).03
• C).37
• D)1.85

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Definitions:

Explicit Costs

Direct, out-of-pocket payments made by businesses for resources and services.

ATC

Average Total Cost, which is the total cost of production divided by the number of goods produced, representing the per unit cost of production.

AVC

Average Variable Cost is the total variable costs divided by the quantity of output produced; it represents the variable cost per unit of output.