Two Chips Are Drawn at Random and Without Replacement from a Bag

question 172

Essay

Two chips are drawn at random and without replacement from a bag containing two blue chips and two red chips. Events A and B are defined as follows. A: {Both chips are red} B: {At least one of the chips is blue} a. Identify the sample points in the event $A \cup B$ .
b. Find $P ( A \cup B )$ .

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Definitions:

Marginal Cost

The extra expense resulting from the manufacture of an additional unit of a product or service.

Competitive Price-Taker

A market participant who cannot influence the price on the market but instead must accept the prevailing market price.

Marginal Revenue

The additional income earned from selling one more unit of a good or service.

Competitive Price-Taker

A market participant who accepts the prevailing market prices as given because they have no power to influence those prices due to intense competition.