There Are 12 Balls in a Box That Are Numbered

question 20

Short Answer

There are 12 balls in a box that are numbered 1 through 12. A ball is selected and replaced, then a second ball is selected. What is the probability that the first ball selected will be a 7 and the second ball selected will not be a 2 ?

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Definitions:

Unit Cost

Unit cost represents the total expense incurred to produce, store, and sell one unit of a product or service, including all variables and fixed costs.

Period Cost

Costs that are not directly associated with the production of goods and are expensed in the accounting period in which they are incurred.

FIFO Method

"First In, First Out," an inventory valuation method where the oldest items are recorded as sold first.

Units Started And Completed

The number of units that have been both initiated and finished within a specific accounting period, relevant in manufacturing and production processes.