A firm is currently producing 3,000 units of output daily by employing 20 units of labor at a price of $100 per unit and 40 unit
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The probability for each event follows below:
P(A)= 0.23
P(E)= 0.24
P(F)= 0.28
P(N)= 0.12
P(O)= 0.07
P(S)= 0.06
<h3>Probability</h3>Probability can be defined as the possibility that an event will occur. For an event, the probability can be found from the ratio between the number of favorable outcomes for the event and the total number of outcomes. Values of probability vary between 0 and 1.
A probability for an event is represented by P(A), P(B), etc. And exactly this that question asks for you.
1. Arrange the text of the question
North America=23 countries
South America= 12 countries
Europe= 47 countries
Asia= 44 countries
Africa =54 countries
Oceania= 14 countries
2. Find the total of countries
3. Find P(A)
A= the event that a country is in Asia= 44 countries. Therefore,
4. Find P(E)
E= the event that a country is in Europe= 47 countries. Therefore,
5. Find P(F)
F= the event that a country is in Africa= 54 countries. Therefore,
6. Find P(N)
N= the event that a country is in North America= 23 countries. Therefore,
7. Find P(O)
O= the event that a country is in Oceania= 14 countries. Therefore,
8. Find P(S)
S= the event that a country is in South America= 12 countries. Therefore,
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