TABLE 17-3
A quality control analyst for a light bulb manufacturer is concerned that the time it takes to produce a batch of light bulbs is too erratic. Accordingly, the analyst randomly surveys 10 production periods each day for 14 days and records the sample mean and range for each day.
-Referring to Table 17-3, suppose the analyst constructs an 
chart to see if the production process is in-control. What is the lower control limit (LCL) for this chart?
Definitions:
Money Income
The total earnings received by an individual or household in the form of wages, salaries, benefits, and other monetary sources before any deductions.
Prices
The amount of money required to purchase a good or service, determined by factors like supply, demand, and market competition.
Marginal Rate
The rate at which a quantity increases or decreases as a result of a unit change in another variable, often used in the context of taxation or utility.
Substitution Effect
The change in consumption patterns due to a change in the relative prices of goods, leading consumers to replace more expensive items with cheaper alternatives.
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