The Plastic Arrow on a Spinner for a Child's Game $$\begin{array} { c | c | c | c } \text { Red } & \text { Yellow } & \text { Green } & \text { Blue } \\\hline 0.70 & 0.10 & 0.10 & 0.20\end{array}$$

question 24

Multiple Choice

The plastic arrow on a spinner for a child's game stops rotating to point at one of four colours that will determine what happens next.Determine whether the following probability assignment is legitimate. Probability of ... $$\begin{array} { c | c | c | c } \text { Red } & \text { Yellow } & \text { Green } & \text { Blue } \\\hline 0.70 & 0.10 & 0.10 & 0.20\end{array}$$

• A)Legitimate
• B)Not legitimate

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Definitions:

Wage Rate

The amount of compensation paid for labor services per unit of time (e.g., hour, day, or month).

Rental Rate

The price paid for the temporary use of a good, service, or property expressed typically as a daily, monthly, or yearly rate.

Minimum Cost

The lowest possible expense incurred in the production of a good or the provision of a service.

Output Levels

The quantity of goods or services produced by a firm, industry, or economy in a given period.