Political Analysts Estimate the Probability That Candidate a Will Run

question 693

Multiple Choice

Political analysts estimate the probability that Candidate A will run for president in the next
Election is 45%, and the probability that Candidate B will run is 20%. If their political decisions are
Independent, then what is the probability that only Candidate A runs for president?

• A) 11%
• B) 45%
• C) 9%
• D) 36%
• E) 25%

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Definitions:

AVC Curve

Stands for Average Variable Cost curve, illustrating the average variable costs of production at different output levels.

ATC Curve

Average Total Cost Curve, a graphical representation showing how the average cost of producing one unit of goods changes with the level of production.

Average Fixed Cost

Average Fixed Cost is the fixed expenses of a company divided by the number of units produced, decreasing as production increases.

Marginal Product

The extra output or benefit received from using one more unit of a variable input.