Find the Probability. -The Maker of a Certain Candy Claims That the Proportions

question 66

Multiple Choice

Find the probability.
-The maker of a certain candy claims that the proportions of colors of candy produced are: 0.1 red, 0.1 blue, 0.1 green, 0.1 purple and 0.6 yellow. Suppose a candy is selected randomly from each of two newly-opened
Bags. What is the probability that one is green and the other is blue?

• A) 0.99
• B) 0.01
• C) 0
• D) 0.2

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Definitions:

Joint Production

A process where multiple products are produced together in the same operation, often resulting in by-products.

Economies of Scope

Economies of scope occur when producing a wider variety of goods or services reduces the cost of production due to shared inputs or knowledge.

Scale Economies Index

A measure of the cost advantages that enterprises obtain due to their scale of operation, typically associated with cost per unit of output decreasing with increasing scale.

Cost-Output Elasticity

A measure of how the total cost of production responds to a change in the quantity of output produced.