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A national manufacturer of unattached garages discovered that the distribution of the lengths of time it takes two construction workers to erect the Red Barn model is normally distributed with a mean of 32 hours and a standard deviation of 2 hours.What percent of the garages take between 30 and 34 hours to erect?
Average Product
The output per unit of input, such as labor or capital, calculated by dividing total output by the total quantity of the input.
Marginal Product
The additional output produced as a result of using one more unit of a particular input, holding all other inputs constant.
Capital/Labor Ratio
The capital/labor ratio is a measure used in economics to indicate the amount of capital relative to the quantity of labor used in the production process.
Labor Productivity
The measure of the economic output produced per unit of labor input.
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