ABC Manufacturing has 6 machines that perform a particular task.Breakdowns occur frequently for this machine.Past records indicate that the number of breakdowns that occur each day is described by the following probability distribution:
a.What is the expected number of breakdowns in any given day?
b.What is the variance for this distribution?
c.What is the probability that there will be at least 2 breakdowns in a day?
Definitions:
Inferior Good
An inferior good is a type of good whose demand decreases when consumer income rises, unlike normal goods, for which the opposite is observed.
Income
Earnings received by an individual or entity in exchange for labor or investment, typically expressed in monetary terms.
Demand Curve
A pictorial representation that maps out the correlation between a good's price and its demand over an allotted time.
Laws of Supply and Demand
Economic principles stating that the price of a good is directly related to its availability (supply) and the desire for it (demand), with high demand and low supply leading to high prices, and vice versa.
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