An Important Part of the Customer Service Responsibilities of a Cable

question 27

Multiple Choice

An important part of the customer service responsibilities of a cable company is the speed with which service troubles can be repaired. Historically, the data show that the likelihood is .75 that troubles in a residential service can be repaired on the same day. For the first five troubles reported on a given day, find the mean number of troubles repaired on the same day.

• A) 3.75
• B) .94
• C) 1.94
• D) 2.50

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Definitions:

Real Wage Rates

The purchasing power of wages, adjusted for inflation, indicating the quantity of goods and services wages can buy.

Technological Advance

The introduction of new technologies or improvements in existing technologies that increase productivity and efficiency.

Demand for Labor

The total amount of labor that employers in the economy are willing to hire at a given wage rate, influenced by factors such as productivity, economic conditions, and regulatory environment.

Marginal Product

The marginal product is the additional output that is produced by using one more unit of a particular input, holding all other inputs constant, in the process of production.