Use the Following to Answer Questions

question 61

Short Answer

Use the following to answer questions :
A manufacturer packages bolts in boxes containing 100 each.Each box of 100 bolts contains,on average,6 defective bolts.The quality control staff randomly selects a box at the end of the day from an entire production run.
-What is the probability,rounded to four decimal places,that the box will contain less than 7 defective bolts?

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Definitions:

Current Year

The ongoing or present calendar year.

WARP

The Weak Axiom of Revealed Preference (WARP) is a criterion used to check for consistency in consumer choice behavior under the assumption of rationality.

Bundle

A set of goods or services sold together as a single package.

Revealed Preferences

An economic theory that determines consumer preferences by observing their purchasing behavior rather than through direct inquiry.