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A company uses two major material inputs in its production. To prepare its manufacturing operations budget, the company has to project the cost changes of these material inputs. The cost changes are independent of one another. The purchasing department provides the following probabilities associated with projected cost changes:
The probability of a 3% increase in the cost of both Material 1 and Material 2 is
A. 25 percent. B. 40 percent. C. 80 percent. D. 15 percent. |