THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 205

Essay

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
The probability that an employee at a company eats lunch at the company cafeteria is 0.23,and the probability that employee is female is 0.52.Assume the probability that an employee eats lunch at the company cafeteria and is female is 0.11.
-Are eating lunch at the company cafeteria and gender of a randomly chosen employee mutually exclusive events?

---

Definitions:

Producer Surplus

The difference between what producers are willing to sell a good for and the actual price they receive.

Production Costs

The total amount spent by a business to produce goods or services, including materials, labor, and overhead expenses.

Equilibrium Point

In economics, the point at which the supply and demand curves intersect, indicating the price at which the quantity supplied equals the quantity demanded.

S And D Curves

Graphical representations of the supply and demand in a market, showing how quantity supplied and quantity demanded vary with price.