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Use the following to answer questions :
Scenario: The Production of Wheat and Toys The table describes the production of two goods, wheat and toys, in country A and country B. Each country has a linear production possibility frontier with respect to its production of the two goods. The numbers in each column represent the total number of units each country could produce if it used all of its resources to produce the good.
-(Scenario: The Production of Wheat and Toys) Look at the scenario Production of Wheat and Toys. The opportunity cost of producing a unit of wheat in country B is:
Union of Events
The set of outcomes that belong to either one event or another in probability, including those that belong to both events.
Sample Space
The set of all possible outcomes in a statistical experiment.
Conditional Probability
The probability of an event occurring, given that another event has already occurred.
Mutually Exclusive Events
Two or more events that cannot occur at the same time in any given experiment or scenario, implying no overlap in their outcomes.
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