Consider a Collection of 100 Birds Where 20 of Them

question 42

Multiple Choice

Consider a collection of 100 birds where 20 of them are penguins, 25 are ostriches, 15 are hawks, and 40 are doves. Penguins and ostriches are unable to fly, whereas hawks and doves can. If a bird is randomly chosen from this population, what is the probability it will not be a dove?

• A) 0.40
• B) 0.60
• C) 0.75
• D) 0.85

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Definitions:

Bank Loan

A sum of money borrowed from a bank that must be repaid with interest over a set period.

Diminishing Marginal Product

The principle that as the quantity of a factor of production increases, holding all other inputs constant, the additional output generated by one more unit of that factor will eventually decrease.

Total Cost Function

A mathematical relationship expressing the total cost of production as a function of the quantity of output.

Explicit Costs

Direct, out-of-pocket payments for wages, rent, materials, and other inputs required for the production of goods or services.