The Plastic Arrow on a Spinner for a Child's Game $$\begin{array} { c | c | c | c } \text { Red } & \text { Yellow } & \text { Green } & \text { Blue } \\\hline 0.25 & 0.35 & 0.05 & 0.35\end{array}$$

question 50

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 ... $$\begin{array} { c | c | c | c } \text { Red } & \text { Yellow } & \text { Green } & \text { Blue } \\\hline 0.25 & 0.35 & 0.05 & 0.35\end{array}$$

• A)Legitimate
• B)Not legitimate

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Definitions:

Marginal Cost

The additional cost incurred by producing one more unit of a product or service.

Shut Down

A short-term decision by a firm to cease operations when variable costs exceed revenues, typically in a perfect competition scenario.

Short Run

A time period in economics during which at least one factor of production is fixed, limiting the ability of the economy or firm to fully adjust.

Long Run

A period in which all factors of production and costs are variable, allowing full adjustment to any change.