Is It Possible to Have Two Events for Which P(A) $\cup$

question 11

Essay

Is it possible to have two events for which P(A) = 0.40, P(B) = 0.50, and P(A $\cup$ B) = 0.20? Explain.

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Definitions:

Sales Volume Variance

A metric used in budgeting and accounting to measure the difference between the actual quantity sold and the expected sales volume, indicating the impact on profit.

Variable Costing

An accounting method that only includes variable production costs (materials, labor, and variable overhead) in product costs and treats fixed overhead as a period expense.

Opening Stock

The value of inventory that a company has on hand at the beginning of an accounting period.

Variable Costs

Costs that vary directly with the level of production or sales volume, such as materials and labor.