Determine Whether the Following Is a Probability Model A) Yes
B) No

question 48

Multiple Choice

Determine whether the following is a probability model.
- $\begin{array} { l | c } \text { Outcome } & \text { Probability } \\\hline \text { Red } & 0.21 \\\text { Blue } & 0.23 \\\text { Green } & 0.24 \\\text { White } & 0.32\end{array}$

• A) Yes
• B) No

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Definitions:

Variable Costs

Costs that vary directly with the level of production or service activity within a business.

Net Income

The total amount of profit left over after all operating expenses, taxes, and interest have been deducted from total revenue.

Variable Costs

Costs that change in proportion to the level of activity or volume of goods produced, including materials, labor, and energy costs.

Fixed Costs

Expenses that do not change with the volume of production or sales, such as rent and salaries.