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Find the indicated probability. Express your answer as a simplified fraction unless otherwise noted.
-The table below shows the soft drinks preferences of people in three age groups.
If one of the 255 subjects is randomly selected, find the probability that the person is over 40 years of age.
Cost Predictions
The process of estimating the costs that a company will incur over a specific period, often used for budgeting and financial planning purposes.
Variable Costs
Costs that vary directly with the level of production or volume of output, such as materials and labor directly involved in manufacturing.
Step-Variable Costs
Costs that remain fixed for certain levels of production or capacity but can change in steps when a critical level is surpassed.
Fixed Costs
Expenses that remain constant for a given period of time regardless of the level of outputs or activity.
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