Compute Probabilities Involving Permutations and Combinations

question 167

Multiple Choice

Compute Probabilities Involving Permutations and Combinations
-A club elects a president, vice-president, and secretary-treasurer. How many sets of officers are possible if there are 8 members and any member can be elected to each position No person can hold more than one office.

• A) 336
• B) 168
• C) 112
• D) 1680

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Definitions:

Economic Profits

Profits exceeding the opportunity costs of a company; considered an indicator of efficiency and entrepreneurship.

Average Total Cost

The total cost of production divided by the total quantity of goods produced, representing the cost per unit.

Average Variable Cost

The cost of labor and materials divided by the quantity of output produced, reflecting costs that change with the level of output.

Average Total Cost

The total cost of production divided by the quantity of output produced; it includes both fixed and variable costs.