UBS Television Company Is Considering Bids Submitted by Seven Different

question 133

Short Answer

UBS Television Company is considering bids submitted by seven different firms for three different contracts. In how many ways can the contracts be awarded among these firms if no firm is to receive more than two contracts?
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__________ ways

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Definitions:

Opportunity Cost

The cost of forgoing the next best alternative when making a decision.

Differential Profit

The difference in profit from one business alternative compared to another, used to make decisions between various options.

Alternative Use

The potential for a resource or asset to be used in a different manner or for another purpose to generate value.

Differential Cost

The disparity in expenses resulting from choosing between two options or changes in the amount of output.