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In a certain class of students, there are 8 boys from Wilmette, 3 girls from Kenilworth, 6 girls from Wilmette, 6 boys from Glencoe, 5 boys from Kenilworth and 3 girls from Glencoe. If the teacher calls upon a student to answer a question, what is the probability that the student will be from
Kenilworth?
Assets
Items of value owned by individuals, companies, or governments, including tangible items like real estate and equipment, and intangible items like patents and trademarks.
Explicit Cost
Direct, out-of-pocket payments for goods or services that a company incurs in the course of doing business.
Economic Profit
The difference between the total revenue received by a firm and the total cost of all resources used, including opportunity costs.
Opportunity Cost
The cost of forgoing the next best alternative when making a decision. It represents the benefits an individual, investor or business misses out on when choosing one alternative over another.
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