Examlex
If a person is randomly selected, find the probability that his or her birthday is not in May.
Ignore leap years. There are 365 days in a year. Express your answer as a fraction.
Variable Costs
Costs that vary directly with the level of production or a company's output, such as materials and labor.
Fixed Costs
Costs that do not change with the level of production or sales, such as rent, salaries, and insurance premiums.
Marginal Costs
The increase in total cost that arises from producing one additional unit of a good or service.
Output
The amount of goods or services produced by a company, industry, or economy within a certain period.
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