The Following Table Lists the World's Five Largest Employers, Along

question 20

Multiple Choice

The following table lists the world's five largest employers, along with their industry and nationality (BBC News, March 19, 2012) .You plan to randomly choose one employer from the group.Find the conditional probability that the employer you select is in the defense industry, given that the employer is headquartered in the US.

• A)20%
• B)33%
• C)50%
• D)60%
• E)40%

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Definitions:

Average Total Cost

The total cost of production divided by the number of units produced.

Implicit Costs

The opportunity costs of using resources owned by the firm for its project instead of selling or renting them to others.

Fixed Costs

Costs that do not vary with the level of production or output, such as rent, salaries, and insurance.

Variable Costs

Variable costs are expenses that change in proportion to the level of production or business activity.