Table 3-31 ​

question 389

Multiple Choice

Table 3-31
​
-Refer to Table 3-31. For the farmer, the opportunity cost of 1 pound of potatoes is

• A)0.625 pound of meat.
• B)1.0 pounds of meat.
• C)1.6 pounds of meat.
• D)3.2 pounds of meat.

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Definitions:

Likelihood Probabilities

Measures of how probable different outcomes are, given a specific set of observed data, in statistical analysis.

Joint Probabilities

The likelihood of two or more events happening at the same time.

Marginal Probabilities

The probability distribution of the random variables individually, without regard to any possible correlations between them.

Conditional Probabilities

The likelihood that an event will happen, given the precondition of another event's occurrence.