Find and Correct the Error in the Solution to the Following

question 40

Essay

Find and correct the error in the solution to the following problem: Problem: You flip two coins and want to find the probability that both coins show heads. Solution: There are three possible outcomes: 2 heads, 2 tails, or 1 head and 1 tail. Since a "success" is one of these three outcomes, $p ( \text { both heads } ) = 1 / 3$

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Definitions:

Net Income

The total profit of a company after all expenses and taxes have been subtracted from total revenue.

Contribution Margin

The difference between sales revenue and variable costs, indicating the contribution of sales to fixed costs and profits.

Sales Increase

A rise in the volume or amount of products or services sold by a business.

Break-Even Sales

The amount of revenue needed to cover both fixed and variable expenses, resulting in a net income of zero.