Examlex
A batch has just been completed.What is the probability that the first three units manufactured in this batch will contain at least a total of 4 defects?
Average Total Cost
The total cost divided by the quantity of output produced; it is the sum of average fixed costs and average variable costs.
Marginal Cost
The extra cost incurred when one more unit of a product or service is produced.
Profit
The financial gain made in a transaction, calculated as the difference between the revenue earned and the costs incurred.
Drug Patent
Legal protection granted to the inventor of a new pharmaceutical, allowing exclusive rights to manufacture and sell the drug for a certain period.
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