Suppose That for a Certain Experiment $P ( A ) = .33$

question 156

Multiple Choice

Suppose that for a certain experiment $P ( A ) = .33$ and $P ( B ) = .29$ . If $A$ and $B$ are mutually exclusive events, find $P ( A \cup B )$ .

• A) \(.38\)
• B) \(.03\)
• C) \(.62\)
• D) \(.31\)

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Definitions:

Total Revenue

Total revenue is the overall amount of money generated by a firm from its sales activities, calculated as the price of goods or services sold multiplied by the quantity sold.

Marginal Product

The additional output produced as a result of adding one more unit of a specific input, keeping all other inputs constant.

Total Revenue

The overall income generated by a business from selling its goods or services before any costs are deducted.

Value of the Marginal Product

The additional revenue generated by employing one more unit of input, such as labor or capital.